EUR/JPY Price Analysis: Initial contention emerges near 129.50

EUR/JPY rebounds from lows in the mid-129.00s.
Downside pressure alleviated above 132.70.

Pablo Piovano FXStreet

The downside momentum in EUR/JPY seems to have met initial contention in the 129.50 region on Thursday. This support area coincides with the April lows.

The continuation of the recovery targets some minor hurdles at the 100-day SMA just above 131.00, the 20-day SMA near 131.70 and the so far July peaks around 132.40 (July 1).

Furthermore, the ongoing bearish stance is expected to mitigate beyond weekly highs around 132.70 (June 23).

In the meantime, the outlook for the cross is seen as constructive while it trades above the 200-day SMA, today at 128.15.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	130.32
Today Daily Change	59
Today Daily Change %	0.31
Today daily open	129.92

Trends
Daily SMA20	131.85
Daily SMA50	132.41
Daily SMA100	131.06
Daily SMA200	128.18

Levels
Previous Daily High	130.55
Previous Daily Low	129.62
Previous Weekly High	132.43
Previous Weekly Low	131.28
Previous Monthly High	134.13
Previous Monthly Low	130.04
Daily Fibonacci 38.2%	129.98
Daily Fibonacci 61.8%	130.2
Daily Pivot Point S1	129.51
Daily Pivot Point S2	129.1
Daily Pivot Point S3	128.58
Daily Pivot Point R1	130.44
Daily Pivot Point R2	130.96
Daily Pivot Point R3	131.37

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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