EUR/JPY Price Analysis: Next hurdle emerges at 117.00

EUR/JPY extends the bounce off 2020 lows and reclaims 116.00.
Immediately to the upside lines up the short-term resistance line at 117.00.

Pablo Piovano FXStreet

Despite the ongoing recovery from fresh yearly lows in the 114.50 region, the selling bias in EUR/JPY still remains in place as well as the probability of the resumption of the downtrend.

The ongoing recovery is expected to meet the next hurdle at the short-term resistance line around 117.00 ahead of may lows in the 117.80 region.

Above the latter, the selling pressure in the cross is forecasted to mitigate somewhat.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	115.65
Today Daily Change	95
Today Daily Change %	0.00
Today daily open	115.65

Trends
Daily SMA20	116.47
Daily SMA50	117.88
Daily SMA100	119.37
Daily SMA200	119.39

Levels
Previous Daily High	115.74
Previous Daily Low	114.94
Previous Weekly High	117.41
Previous Weekly Low	114.43
Previous Monthly High	119.04
Previous Monthly Low	115.45
Daily Fibonacci 38.2%	115.44
Daily Fibonacci 61.8%	115.25
Daily Pivot Point S1	115.15
Daily Pivot Point S2	114.65
Daily Pivot Point S3	114.35
Daily Pivot Point R1	115.95
Daily Pivot Point R2	116.25
Daily Pivot Point R3	116.75

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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