EUR/JPY Price Analysis: Initial support lies at 124.44

EUR/JPY briefly tested the area above the 126.00 mark on Wednesday.
Occasional pullbacks should meet support near 124.40 (weekly lows).

Pablo Piovano FXStreet

Following last week’s 2020 tops near 126.80, EUR/JPY has embarked in a corrective downside which met quite decent contention in the 124.50/45 band (August 21).

The subsequent rebound managed to advance past 126.00 the figure earlier on Wednesday, although the move lacked follow through and sparked a knee-jerk that carries the potential to extend, initially, to recent lows near 124.40.

The constructive view around EUR/JPY is predicted to remain unchanged while above the 200-day SMA at 120.42.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	125.53
Today Daily Change	73
Today Daily Change %	-0.30
Today daily open	125.91

Trends
Daily SMA20	125.19
Daily SMA50	123.01
Daily SMA100	120.59
Daily SMA200	120.45

Levels
Previous Daily High	126.03
Previous Daily Low	124.92
Previous Weekly High	126.46
Previous Weekly Low	124.44
Previous Monthly High	125.21
Previous Monthly Low	120.26
Daily Fibonacci 38.2%	125.61
Daily Fibonacci 61.8%	125.35
Daily Pivot Point S1	125.21
Daily Pivot Point S2	124.51
Daily Pivot Point S3	124.1
Daily Pivot Point R1	126.32
Daily Pivot Point R2	126.73
Daily Pivot Point R3	127.42

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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