EUR/JPY Price Analysis: Next target emerges at the 2020 highs

EUR/JPY surpassed the key barriers at 125.00 and 126.00.
Further upside now targets the YTD highs around 127.00.

Pablo Piovano FXStreet

EUR/JPY adds to the recent strong advance and breaks above the key resistance around 126.00 following Tuesday’s breakout of another important hurdle in the 125.00 neighbourhood.

If the buying pressure manages to gather further traction, then the 2020 peaks in the 127.00 zone (September 1) should return to the investors’ radar. Some correction, however, could be shaping up as the cross flirts with the overbought territory.

Looking at the broader picture, while above the 200-day SMA at 121.56 the outlook should remain constructive. The October’s low around 121.60 also reinforces this key contention zone.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	126.21
Today Daily Change	53
Today Daily Change %	0.23
Today daily open	125.92

Trends
Daily SMA20	123.86
Daily SMA50	123.69
Daily SMA100	124.21
Daily SMA200	121.57

Levels
Previous Daily High	125.96
Previous Daily Low	124.38
Previous Weekly High	124.57
Previous Weekly Low	123.08
Previous Monthly High	125.14
Previous Monthly Low	121.7
Daily Fibonacci 38.2%	125.35
Daily Fibonacci 61.8%	124.98
Daily Pivot Point S1	124.88
Daily Pivot Point S2	123.84
Daily Pivot Point S3	123.3
Daily Pivot Point R1	126.45
Daily Pivot Point R2	126.99
Daily Pivot Point R3	128.03

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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