EUR/JPY Price Analysis: Next on the downside comes in 132.50

EUR/JPY extends the weakness well below the 133.00 level.
The mid-132.00s emerge as the next area of contention.

Pablo Piovano FXStreet

EUR/JPY gathers further selling pressure and already tests the initial support zone around the 133.00/132.90 band on Friday.

If the selling pressure gathers extra steam, then the cross could attempt a deeper pullback to, initially, the weekly lows near 132.50 (May 24). Further south comes in the 131.88/64 band, where coincides the 50-day SMA and the short-term support line.

In the broader picture, while above the 200-day SMA at 127.41 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	132.91
Today Daily Change	57
Today Daily Change %	-0.14
Today daily open	133.1

Trends
Daily SMA20	133.29
Daily SMA50	131.87
Daily SMA100	130.06
Daily SMA200	127.42

Levels
Previous Daily High	133.76
Previous Daily Low	133.04
Previous Weekly High	134.13
Previous Weekly Low	133.14
Previous Monthly High	134.06
Previous Monthly Low	130.98
Daily Fibonacci 38.2%	133.32
Daily Fibonacci 61.8%	133.49
Daily Pivot Point S1	132.85
Daily Pivot Point S2	132.59
Daily Pivot Point S3	132.13
Daily Pivot Point R1	133.56
Daily Pivot Point R2	134.02
Daily Pivot Point R3	134.28

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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