EUR/JPY Price Analysis: Further downside could see 124.00 re-tested

EUR/JPY recorded new 2020 highs in the 125.55/60 band on Thursday.
The March 2019 high near 127.50 is the next target of significance.

Pablo Piovano FXStreet

EUR/JPY’s rally has managed to hit fresh tops near 125.60 during early trade in the second half of the week, just to come under some selling pressure soon afterwards.

In spite of the ongoing correction, extra gains remain well on the cards and underpinned by the generalized improvement in the risk complex. Against this, the next area of interest emerges at the mid-127.00s, where sits the March 2019 high.

If sellers remain in control in the short-term, then EUR/JPY should meet initial contention in the weekly lows around the 124.00 mark (August 3).

EUR/JPY weekly chart

EUR/JPY

Overview
Today last price	125.04
Today Daily Change	62
Today Daily Change %	-0.19
Today daily open	125.28

Trends
Daily SMA20	123.19
Daily SMA50	121.9
Daily SMA100	119.67
Daily SMA200	120.09

Levels
Previous Daily High	125.52
Previous Daily Low	124.64
Previous Weekly High	125.21
Previous Weekly Low	123.02
Previous Monthly High	125.21
Previous Monthly Low	120.26
Daily Fibonacci 38.2%	125.18
Daily Fibonacci 61.8%	124.97
Daily Pivot Point S1	124.77
Daily Pivot Point S2	124.27
Daily Pivot Point S3	123.89
Daily Pivot Point R1	125.65
Daily Pivot Point R2	126.02
Daily Pivot Point R3	126.52

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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