EUR/JPY Price Analysis: Extra rangebound looks likely

EUR/JPY extends the choppy activity around 124.00.
Immediately to the upside emerges the 125.00 hurdle.

Pablo Piovano FXStreet

EUR/JPY remains side-lined between the 100-day and the 55-day SMAs at 123.50 and 124.65, respectively, for the time being.

Further consolidations appears likely amidst a broad-based cautious stance in the global markets. A move below the 100-day SMA should open the door to extra losses to the key support at monthly lows in the 123.00 neighbourhood. On the upside, the 125.00 region keeps capping the occasional bullish attempts.

In the meantime, while above the 200-day SMA at1 121.11, the outlook on the cross is expected to remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	124
Today Daily Change	43
Today Daily Change %	-0.17
Today daily open	124.21

Trends
Daily SMA20	124.04
Daily SMA50	124.6
Daily SMA100	123.53
Daily SMA200	121.14

Levels
Previous Daily High	124.25
Previous Daily Low	123.41
Previous Weekly High	125
Previous Weekly Low	123.33
Previous Monthly High	127.08
Previous Monthly Low	122.38
Daily Fibonacci 38.2%	123.93
Daily Fibonacci 61.8%	123.73
Daily Pivot Point S1	123.67
Daily Pivot Point S2	123.12
Daily Pivot Point S3	122.83
Daily Pivot Point R1	124.5
Daily Pivot Point R2	124.79
Daily Pivot Point R3	125.33

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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