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

EUR/JPY’s weekly range appears supported in the 128.30/20 band so far.
Immediately to the upside emerges the YTD high near 130.00.

Pablo Piovano FXStreet

EUR/JPY adds to Monday’s small gains and edge slightly higher, although still capped by the 129.00 neighbourhood so far this week.

If bulls regain control of the sentiment, then the next target will emerge at the 2021 highs just below 130.00 (February 25). Further north of this area comes in 130.14 (November 7 2018) ahead of the summer 2018 high at 131.98 (July 17).

Reinforcing the idea of extra gains, EUR/JPY keeps trading above the immediate support line (off November 19 2020 low) near 126.80, where also converges the 50-day SMA.

Looking at the broader picture, while above the 200-day SMA at 124.35 the outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	128.6
Today Daily Change	58
Today Daily Change %	0.00
Today daily open	128.6

Trends
Daily SMA20	127.53
Daily SMA50	126.81
Daily SMA100	125.58
Daily SMA200	124.41

Levels
Previous Daily High	128.94
Previous Daily Low	128.22
Previous Weekly High	129.98
Previous Weekly Low	127.5
Previous Monthly High	129.98
Previous Monthly Low	126.1
Daily Fibonacci 38.2%	128.5
Daily Fibonacci 61.8%	128.67
Daily Pivot Point S1	128.23
Daily Pivot Point S2	127.87
Daily Pivot Point S3	127.51
Daily Pivot Point R1	128.95
Daily Pivot Point R2	129.3
Daily Pivot Point R3	129.67

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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