EUR/JPY Price Analysis: Further consolidation looks likely near-term

EUR/JPY met resistance in the 121.00 neighbourhood so far this week.
Immediately to the upside emerges the next stop at the 122.00 barrier.

Pablo Piovano FXStreet

Following a failed attempt to surpass the 121.00 mark on Tuesday, EUR/JPY is now shedding some ground and returns to the 120.40 area at the time of writing.

In the meantime, solid support appears to have emerged at the 200-day SMA in the mid-119.00s. A break below this area should pave the way for a deeper pullback in the near-term.

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

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	120.33
Today Daily Change	71
Today Daily Change %	-0.11
Today daily open	120.46

Trends
Daily SMA20	120.99
Daily SMA50	118.35
Daily SMA100	118.76
Daily SMA200	119.6

Levels
Previous Daily High	121.1
Previous Daily Low	119.91
Previous Weekly High	122.12
Previous Weekly Low	119.38
Previous Monthly High	119.9
Previous Monthly Low	114.43
Daily Fibonacci 38.2%	120.64
Daily Fibonacci 61.8%	120.36
Daily Pivot Point S1	119.88
Daily Pivot Point S2	119.3
Daily Pivot Point S3	118.69
Daily Pivot Point R1	121.07
Daily Pivot Point R2	121.68
Daily Pivot Point R3	122.26

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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