EUR/JPY Price Analysis: Hovering near trendline support at 120.30

EUR/JPY recovery attempt has lost steam near 122.00 and the pair retreated again to the mid-range of 120.00.
The euro is dangerously approaching the trendline support from early-May lows at 120.30 area.

Guillermo Alcala FXStreet

Euro rebound from 10-day lows at 120.25 area earlier today has lost steam on the vicinity of 122.00 and the pair has pulled back again, with risk appetite faltering on Friday’s US trading session, returning to the mid-range of 120.00. The pair is looking heavy again approaching the upward trending support line from early May lows, now around 120.30

A daily close below the mentioned trendline might increase negative pressure on the euro, and set the pair aiming to the 50% Fibonacci retracement of the May-June rally before testing early May highs at 119.00.

On the upside, immediate resistance lies at 121.80 (intra-day high) above here, 122.50.60 (Jun 9 high, Intra-day high) before June highs at 124.40.

EUR/JPY daily chart

EUR/JPY key levels to watch

EUR/JPY

Overview
Today last price	120.61
Today Daily Change	-0.13
Today Daily Change %	-0.11
Today daily open	120.74

Trends
Daily SMA20	119.77
Daily SMA50	117.96
Daily SMA100	118.75
Daily SMA200	119.54

Levels
Previous Daily High	121.91
Previous Daily Low	120.66
Previous Weekly High	124.43
Previous Weekly Low	119.42
Previous Monthly High	119.9
Previous Monthly Low	114.43
Daily Fibonacci 38.2%	121.13
Daily Fibonacci 61.8%	121.43
Daily Pivot Point S1	120.3
Daily Pivot Point S2	119.85
Daily Pivot Point S3	119.04
Daily Pivot Point R1	121.55
Daily Pivot Point R2	122.36
Daily Pivot Point R3	122.81

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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