EUR/JPY Price Analysis: Rebound now targets the 2021 highs

EUR/JPY adds to recent gains and approaches the 132.00 yardstick.
Immediately on the upside comes in the YTD peaks near 132.40.

Pablo Piovano FXStreet

EUR/JPY advances to new weekly/monthly tops in levels just shy of the 132.00 level at the end of the week.

The weekly leg lower met contention in the 131.00 neighbourhood so far, sparking the ongoing rebound and allowing at the same time a potential visit to 2021 highs in the 132.35/40 band in the near-term (April 29).

On the other hand, occasional bearish moves are expected to struggle around 131.00 for the time being. A breach of this area carries the potential to extend the leg lower to the 130.00 zone, where converge the 50-day SMA and the immediate support line (off the March’s low). This area should hold the downside and prompt some reversion.

In the broader picture, while above the 200-day SMA at 126.45 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	131.75
Today Daily Change	47
Today Daily Change %	0.09
Today daily open	131.63

Trends
Daily SMA20	130.79
Daily SMA50	130.03
Daily SMA100	128.38
Daily SMA200	126.47

Levels
Previous Daily High	131.85
Previous Daily Low	131.07
Previous Weekly High	132.37
Previous Weekly Low	130.21
Previous Monthly High	132.37
Previous Monthly Low	129.57
Daily Fibonacci 38.2%	131.55
Daily Fibonacci 61.8%	131.37
Daily Pivot Point S1	131.19
Daily Pivot Point S2	130.74
Daily Pivot Point S3	130.41
Daily Pivot Point R1	131.97
Daily Pivot Point R2	132.3
Daily Pivot Point R3	132.74

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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