EUR/JPY Price Analysis: Further consolidation not ruled out

EUR/JPY meets some selling pressure after two daily advances.
Initial contention emerges at monthly lows near 132.90.

Pablo Piovano FXStreet

EUR/JPY fades two consecutive daily advances and now looks offered in the low-133.00s.

If the selling pressure gathers extra steam, then the cross could attempt a deeper pullback to, initially, the monthly lows near 132.90 (June 7). Further south comes in the 132.83/57 band, where converges the 50-day SMA and the short-term support line (off March lows).

In the broader picture, while above the 200-day SMA at 127.38 the outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	133.23
Today Daily Change	44
Today Daily Change %	-0.25
Today daily open	133.56

Trends
Daily SMA20	133.25
Daily SMA50	131.81
Daily SMA100	129.99
Daily SMA200	127.39

Levels
Previous Daily High	133.63
Previous Daily Low	133.21
Previous Weekly High	134.13
Previous Weekly Low	133.14
Previous Monthly High	134.06
Previous Monthly Low	130.98
Daily Fibonacci 38.2%	133.47
Daily Fibonacci 61.8%	133.37
Daily Pivot Point S1	133.3
Daily Pivot Point S2	133.04
Daily Pivot Point S3	132.88
Daily Pivot Point R1	133.72
Daily Pivot Point R2	133.88
Daily Pivot Point R3	134.14

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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