EUR/JPY Price Analysis: Next on the downside comes the 124.30 area

EUR/JPY keeps correcting lower following recent YTD tops.
The leg lower could extend further and re-visit the 124.30/25 band.

Pablo Piovano FXStreet

Following last week’s 2020 tops near 126.80, EUR/JPY has embarked in a corrective downside, which is now navigating its fifth consecutive session.

Further downside is therefore likely and could drag the cross as low as the 124.30 zone, or last week’s low. If the selling impetus picks up pace, then the next key contention area is located near 122.90.

In spite of the ongoing move, the constructive view around EUR/JPY is predicted to remain unchanged while above the 200-day SMA at 120.32.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	125.45
Today Daily Change	54
Today Daily Change %	-0.14
Today daily open	125.62

Trends
Daily SMA20	124.86
Daily SMA50	122.67
Daily SMA100	120.28
Daily SMA200	120.34

Levels
Previous Daily High	126.06
Previous Daily Low	125.38
Previous Weekly High	126.76
Previous Weekly Low	124.34
Previous Monthly High	125.21
Previous Monthly Low	120.26
Daily Fibonacci 38.2%	125.64
Daily Fibonacci 61.8%	125.8
Daily Pivot Point S1	125.31
Daily Pivot Point S2	125
Daily Pivot Point S3	124.62
Daily Pivot Point R1	126
Daily Pivot Point R2	126.37
Daily Pivot Point R3	126.69

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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