EUR/JPY Price Analysis: Further recovery targets the 2021 highs

EUR/JPY fades the initial spike to the 133.70 area.
Next on the upside emerges the YTD top just above 134.00.

Pablo Piovano FXStreet

EUR/JPY gathers further selling pressure and already tests the initial support zone around the 133.00/132.90 band on Friday.

If the recovery regains serious traction, then the cross could attempt a move to the YTD peak beyond 134.00 the figure ahead of the September/October 2017 highs in the 134.40/50. Further gains appear likely as long as the cross remains underpinned by the immediate support line (off the March lows) near 131.80. This area is also reinforced by the proximity of the 50-day SMA around 132.00.

In the broader picture, while above the 200-day SMA at 127.49 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	133.45
Today Daily Change	34
Today Daily Change %	0.04
Today daily open	133.39

Trends
Daily SMA20	133.33
Daily SMA50	131.99
Daily SMA100	130.2
Daily SMA200	127.5

Levels
Previous Daily High	133.44
Previous Daily Low	132.65
Previous Weekly High	133.76
Previous Weekly Low	132.66
Previous Monthly High	134.06
Previous Monthly Low	130.98
Daily Fibonacci 38.2%	133.14
Daily Fibonacci 61.8%	132.95
Daily Pivot Point S1	132.88
Daily Pivot Point S2	132.37
Daily Pivot Point S3	132.09
Daily Pivot Point R1	133.67
Daily Pivot Point R2	133.95
Daily Pivot Point R3	134.46

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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