EUR/JPY Price Analysis: Potential consolidation ahead of extra gains

EUR/JPY adds to Friday’s losses below the 129.00 level.
Monthly lows in the 128.20 area should provide initial support.

Pablo Piovano FXStreet

EUR/JPY keeps correcting lower following last week’s rejection from the 129.60 region, or monthly highs.

The firmer note around the greenback weighs on the single currency and motivates EUR/JPY to correct lower to the sub-129.00 zone despite the persistent selling pressure in the Japanese yen at the beginning of the week.

In spite of the move lower, bulls still appear in control and keep targeting the 2021 highs just below 130.00 (February 25). Further north of this area comes in 130.14 (November 7 2018) ahead of the summer 2018 high at 131.98 (July 17).

Reinforcing the idea of extra gains, EUR/JPY keeps trading above the immediate support line (off November 19 2020 low) in the 127.00 neighbourhood, where also converges the 50-day SMA.

In the meantime, while above the 200-day SMA at 124.56 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	128.87
Today Daily Change	61
Today Daily Change %	-0.19
Today daily open	129.11

Trends
Daily SMA20	128.04
Daily SMA50	127.04
Daily SMA100	125.8
Daily SMA200	124.62

Levels
Previous Daily High	129.58
Previous Daily Low	128.85
Previous Weekly High	129.64
Previous Weekly Low	128.18
Previous Monthly High	129.98
Previous Monthly Low	126.1
Daily Fibonacci 38.2%	129.13
Daily Fibonacci 61.8%	129.3
Daily Pivot Point S1	128.78
Daily Pivot Point S2	128.45
Daily Pivot Point S3	128.05
Daily Pivot Point R1	129.51
Daily Pivot Point R2	129.91
Daily Pivot Point R3	130.24

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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