EUR/JPY Price Analysis: Rebound targets the 200-day SMA

EUR/JPY dropped and rebounded from the mid-116.00s.
Further upside could see the 200-day SMA near 120 re-tested.

Pablo Piovano FXStreet

After printing multi-week lows near 116.50 last week, EUR/JPY managed to regain some composure and it has now reclaimed the 118.00 mark and beyond helped by the selling mood surrounding the Japanese yen.

Looking at the broader picture, the cross is expected to keep the broad rangebound trading unchanged for the time being, likely between 116.00 and 121.50.

A breakout February tops in the mid-121.00s is needed in order to alleviate the downside pressure and shift the focus to a potential test of yearly highs in the boundaries of 123.00 the figure (January 16^th).

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	118.02
Today Daily Change	119
Today Daily Change %	0.66
Today daily open	117.25

Trends
Daily SMA20	118.7
Daily SMA50	119.47
Daily SMA100	120.35
Daily SMA200	119.93

Levels
Previous Daily High	117.39
Previous Daily Low	116.73
Previous Weekly High	120.35
Previous Weekly Low	116.35
Previous Monthly High	121.15
Previous Monthly Low	116.12
Daily Fibonacci 38.2%	117.14
Daily Fibonacci 61.8%	116.99
Daily Pivot Point S1	116.86
Daily Pivot Point S2	116.47
Daily Pivot Point S3	116.2
Daily Pivot Point R1	117.52
Daily Pivot Point R2	117.79
Daily Pivot Point R3	118.18

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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