EUR/JPY Price Analysis: Initial support emerged near 128.00

EUR/JPY reverses the recent weakness and rebounds to 128.50.
Key contention area remains around the 128.00 zone.

Pablo Piovano FXStreet

EUR/JPY reverses five straight days with losses and manages to retake the mid-128.00s on the back of the better mood around the single currency.

Further upside faces interim hurdle at the 10-day SMA at 129.29 ahead of a Fibo level near 129.40. Extra gains are expected to challenge the 200-day SMA at 129.57. Above the latter, the downside pressure is seen mitigating somewhat.

While below the 200-day SMA the outlook for the cross should remain bearish for the time being.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	128.52
Today Daily Change	52
Today Daily Change %	0.10
Today daily open	128.39

Trends
Daily SMA20	129.7
Daily SMA50	129.6
Daily SMA100	130.99
Daily SMA200	129.61

Levels
Previous Daily High	129.31
Previous Daily Low	128.14
Previous Weekly High	130.2
Previous Weekly Low	128.61
Previous Monthly High	130.42
Previous Monthly Low	127.93
Daily Fibonacci 38.2%	128.59
Daily Fibonacci 61.8%	128.86
Daily Pivot Point S1	127.92
Daily Pivot Point S2	127.45
Daily Pivot Point S3	126.75
Daily Pivot Point R1	129.09
Daily Pivot Point R2	129.78
Daily Pivot Point R3	130.25

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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