EUR/JPY Price Analysis: Rebound now targets the 2020 high around 127.00

EUR/JPY extends the rebound from lows in the 124.40 region (Wednesday).
Immediately to the upside is located the YTD peaks just above 127.00.

Pablo Piovano FXStreet

EUR/JPY met decent contention in the 124.40 region on Wednesday and sparked the ongoing rebound to the 125.65/70 band ahead of the ECB event.

If the rebound picks up extra pace, then there is no relevant barrier until the 2020 highs in levels just beyond the 127.00 yardstick (September 1).

In the meantime, the positive bias in EUR/JPY is forecasted to remain unaltered as longs as the cross trades above the 200-day SMA at 120.72.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	125.57
Today Daily Change	41
Today Daily Change %	0.20
Today daily open	125.32

Trends
Daily SMA20	125.68
Daily SMA50	124.18
Daily SMA100	121.49
Daily SMA200	120.74

Levels
Previous Daily High	125.65
Previous Daily Low	124.43
Previous Weekly High	127.08
Previous Weekly Low	125.29
Previous Monthly High	126.85
Previous Monthly Low	123.99
Daily Fibonacci 38.2%	125.18
Daily Fibonacci 61.8%	124.89
Daily Pivot Point S1	124.62
Daily Pivot Point S2	123.92
Daily Pivot Point S3	123.4
Daily Pivot Point R1	125.84
Daily Pivot Point R2	126.35
Daily Pivot Point R3	127.06

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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