EUR/JPY Price Analysis: Recovery stays firm and targets 120.00

EUR/JPY extends the weekly recovery to the vicinity of 119.00.
Further upside could see the 200-day SMA near 120 re-visited.

Pablo Piovano FXStreet

After printing multi-week lows near 116.50 last week, EUR/JPY managed to regain some composure and it is now approaching the key 119.00 mark on the back of persistent JPY-selling.

If the buying impetus picks up pace, then the next target of relevance will be the 200-day SMA in the 119.85/90 band, just ahead of the 120.00 barrier.

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	118.6
Today Daily Change	134
Today Daily Change %	0.63
Today daily open	117.86

Trends
Daily SMA20	118.74
Daily SMA50	119.43
Daily SMA100	120.32
Daily SMA200	119.9

Levels
Previous Daily High	118.31
Previous Daily Low	117.16
Previous Weekly High	120.35
Previous Weekly Low	116.35
Previous Monthly High	121.15
Previous Monthly Low	116.12
Daily Fibonacci 38.2%	117.87
Daily Fibonacci 61.8%	117.6
Daily Pivot Point S1	117.24
Daily Pivot Point S2	116.63
Daily Pivot Point S3	116.1
Daily Pivot Point R1	118.39
Daily Pivot Point R2	118.92
Daily Pivot Point R3	119.54

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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