EUR/JPY Price Analysis: Further rangebound now looks likely

EUR/JPY regains the 130.00 mark and is up smalls on Thursday.
Next on the upside comes in the YTD tops near 131.00.

Pablo Piovano FXStreet

EUR/JPY manages to so far reverse three consecutive daily pullbacks and retakes the 130.00 level after hitting new YTD peaks just below 131.00 the figure on Tuesday.

Current price action suggests further consolidation remains well on the cards in the near-term. On the downside, decent contention is seen emerging in the mid-12900s ahead of the minor support at the 50-day SMA around 129.30.

A break below the 5-month support line near 128.90 should alleviate the upside pressure somewhat an allow for a move lower to the next target at the late March lows in the 128.30/25 band (March 24).

In the meantime, while above the 200-day SMA at 126.00 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	130.21
Today Daily Change	40
Today Daily Change %	0.09
Today daily open	130.09

Trends
Daily SMA20	130.01
Daily SMA50	129.3
Daily SMA100	127.82
Daily SMA200	126.04

Levels
Previous Daily High	130.15
Previous Daily Low	129.64
Previous Weekly High	130.61
Previous Weekly Low	129.8
Previous Monthly High	130.67
Previous Monthly Low	128.18
Daily Fibonacci 38.2%	129.83
Daily Fibonacci 61.8%	129.95
Daily Pivot Point S1	129.77
Daily Pivot Point S2	129.45
Daily Pivot Point S3	129.26
Daily Pivot Point R1	130.28
Daily Pivot Point R2	130.47
Daily Pivot Point R3	130.79

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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