EUR/JPY Price Analysis: Pullback could test the 50-day SMA near 129.30

EUR/JPY came under pressure following recent 2021 highs.
Next on the downside comes in the 50-day SMA at 129.26.

Pablo Piovano FXStreet

EUR/JPY extends the knee-jerk below the 130.00 level after hitting new YTD peaks just below 131.00 the figure on Tuesday.

Further downside is expected to meet initial and minor contention at the 50-day SMA around 129.30.

A break below the 5-month support line near 128.90 should alleviate the upside pressure somewhat an allow for a move lower to the next target at the late March lows in the 128.30/25 band (March 24).

In the meantime, while above the 200-day SMA at 125.96 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	129.8
Today Daily Change	39
Today Daily Change %	-0.25
Today daily open	130.13

Trends
Daily SMA20	129.93
Daily SMA50	129.24
Daily SMA100	127.79
Daily SMA200	126

Levels
Previous Daily High	130.97
Previous Daily Low	129.99
Previous Weekly High	130.61
Previous Weekly Low	129.8
Previous Monthly High	130.67
Previous Monthly Low	128.18
Daily Fibonacci 38.2%	130.37
Daily Fibonacci 61.8%	130.6
Daily Pivot Point S1	129.76
Daily Pivot Point S2	129.38
Daily Pivot Point S3	128.77
Daily Pivot Point R1	130.74
Daily Pivot Point R2	131.35
Daily Pivot Point R3	131.72

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.

EUR/USD remains cautious near 1.1760 ahead of US data

EUR/USD trades marginally on the defensive at the end of the week, hovering around the 1.1770-1.1760 band against the backdrop of an equally humble advance in the US Dollar. Meanwhile, investors gear up for the release of key US data later in the day, including PCE and GDP figures.

GBP/USD looks slightly bid near 1.3480, focus on US docket

The British Pound gathers some fresh steam on Friday, prompting GBP/USD to reverse four consecutive days of losses and revisit the 1.3480 zone. Cable’s decent bounce comes on the back of modest gains in the Greenback prior to the release of significant US data.

Gold extends the recovery past $5,000/oz, looks at US data

Gold prices advance for the third straight day on Friday, reaching new multi-day highs just north of the key $5,000 mark per troy ounce. The continuation of the precious metal’s uptick follows steady geopolitical effervescence in the Middle East, while traders eagerly await key US data releases.

US GDP growth expected to slow down significantly in Q4 after stellar Q3

The United States Bureau of Economic Analysis will publish the first preliminary estimate of the fourth-quarter Gross Domestic Product at 13:30 GMT. Analysts forecast the US economy to have expanded at a 3% annualized rate, slowing down from the 4.4% growth posted in the previous quarter.

Week ahead – Markets brace for heightened volatility as event risk dominates

Dollar strength dominates markets as risk appetite remains subdued. A Supreme Court ruling, geopolitics and Fed developments are in focus. Pivotal Nvidia earnings on Wednesday as investors question tech sector weakness.

Official Trump price approaches breakout with mixed signals from traders

Official Trump (TRUMP) is trading at $3.50 at the time of writing, approaching its upper consolidation range. A breakout from this range could open the door for an upside move. On-chain data shows market indecision, with balanced flows between bulls and bears, signaling a lack of clear directional bias.