EUR/JPY Price Analysis: Recovery targets 124.00 and above

EUR/JPY gains further upside momentum beyond 123.00 on Tuesday.
The 3-month resistance line emerges as the next interim hurdle.

Pablo Piovano FXStreet

EUR/JPY posts decent gains and adds to Monday’s advance above 123.00 the figure amidst the better tone in the risk complex.

The cross managed to regain attention after bottoming out in the 122.40 area on Monday, where also converges the 100-day SMA. Further upside looks likely and could initially extend to the 3-month resistance line in the 124.20 zone.

Above the 200-day SMA, today at 120.89, the outlook on the cross is expected to remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	123.42
Today Daily Change	52
Today Daily Change %	0.25
Today daily open	123.11

Trends
Daily SMA20	124.54
Daily SMA50	124.79
Daily SMA100	122.51
Daily SMA200	120.92

Levels
Previous Daily High	123.21
Previous Daily Low	122.38
Previous Weekly High	123.94
Previous Weekly Low	122.52
Previous Monthly High	126.85
Previous Monthly Low	123.99
Daily Fibonacci 38.2%	122.89
Daily Fibonacci 61.8%	122.7
Daily Pivot Point S1	122.59
Daily Pivot Point S2	122.07
Daily Pivot Point S3	121.75
Daily Pivot Point R1	123.42
Daily Pivot Point R2	123.73
Daily Pivot Point R3	124.25

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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