EUR/JPY Price Analysis: Next stop at 129.00 and beyond

EUR/JPY picks up extra pace and approaches 129.00.
Next on the upside comes in the 129.00 neighbourhood.

Pablo Piovano FXStreet

EUR/JPY gathers extra steam and clinches fresh 2021 highs in the 128.80 region on Wednesday.

The rally in the cross stays unabated so far and now targets the 129.00 mark initially.

Further up is located the 129.30 zone (November 29/December 13 2018 highs) ahead of the psychological hurdle at 130.00. If the buying impulse remains strong then the monthly peaks at 130.14 (November 7 2018) could emerge on the horizon.

Reinforcing the idea of further upside, EUR/JPY keeps trading above the immediate support line (off November 19 2020 low) near 126.60. This area is also supported by the 55-day SMA.

Looking at the broader picture, while above the 200-day SMA at 124.13 the outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	128.72
Today Daily Change	106
Today Daily Change %	0.65
Today daily open	127.89

Trends
Daily SMA20	127.07
Daily SMA50	126.61
Daily SMA100	125.42
Daily SMA200	124.19

Levels
Previous Daily High	128.06
Previous Daily Low	127.66
Previous Weekly High	128.46
Previous Weekly Low	127.1
Previous Monthly High	127.49
Previous Monthly Low	125.09
Daily Fibonacci 38.2%	127.9
Daily Fibonacci 61.8%	127.81
Daily Pivot Point S1	127.68
Daily Pivot Point S2	127.47
Daily Pivot Point S3	127.28
Daily Pivot Point R1	128.08
Daily Pivot Point R2	128.26
Daily Pivot Point R3	128.48

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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