EUR/JPY Price Analysis: Probable correction lower

EUR/JPY records new 2021 tops beyond the 132.00 mark.
Overbought conditions could spark a knee-jerk.

Pablo Piovano FXStreet

EUR/JPY’s rally remains unabated and trades in fresh 2021 highs beyond 132.00 the figure on Thursday.

The cross accelerates the recent breakout of the April’s consolidative range and surpasses the 132.00 yardstick for the first time since October 2018.

In the meantime, the upside bias remains unchanged while above the immediate support line around 129.80. This area of support is reinforced by the 50-day SMA near 129.70. However, there is the tangible chance of a temporary move lower in response to the current overbought conditions.

Next on the upside, there are no relevant resistance levels until the September 2018 high at 133.13.

Looking at the broader picture, the positive stance in EUR/JPY is seen unchanged while above the 200-day SMA, today at 126.22.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	132.08
Today Daily Change	0.40
Today Daily Change %	0.30
Today daily open	131.68

Trends
Daily SMA20	130.41
Daily SMA50	129.63
Daily SMA100	128.06
Daily SMA200	126.24

Levels
Previous Daily High	131.82
Previous Daily Low	131.4
Previous Weekly High	130.97
Previous Weekly Low	129.59
Previous Monthly High	130.67
Previous Monthly Low	128.18
Daily Fibonacci 38.2%	131.66
Daily Fibonacci 61.8%	131.56
Daily Pivot Point S1	131.45
Daily Pivot Point S2	131.21
Daily Pivot Point S3	131.02
Daily Pivot Point R1	131.87
Daily Pivot Point R2	132.06
Daily Pivot Point R3	132.29

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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