EUR/JPY Price Analysis: Recovery targets the 122.00 area

EUR/JPY is reversing the recent pessimism and regains poise on Monday.
The next stop on the upside emerges at last week’s peaks around 122.00.

Pablo Piovano FXStreet

Following two consecutive daily pullbacks, EUR/JPY has managed to reclaim buying interest and advance beyond the 121.00 yardstick at the beginning of the week.

If the buying interest picks up pace and manages to clear the 122.00 area, then the yearly tops in the 124.40/45 band should emerge on the horizon.

As long as the 200-day SMA near 119.72 holds the downside, the outlook on the cross is seen as constructive. This contention area is also reinforced by June’s lows in the 119.30 region.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	121.34
Today Daily Change	56
Today Daily Change %	0.42
Today daily open	120.83

Trends
Daily SMA20	120.73
Daily SMA50	119.45
Daily SMA100	118.89
Daily SMA200	119.78

Levels
Previous Daily High	121.07
Previous Daily Low	120.27
Previous Weekly High	121.97
Previous Weekly Low	120.27
Previous Monthly High	124.43
Previous Monthly Low	119.32
Daily Fibonacci 38.2%	120.58
Daily Fibonacci 61.8%	120.76
Daily Pivot Point S1	120.38
Daily Pivot Point S2	119.92
Daily Pivot Point S3	119.58
Daily Pivot Point R1	121.17
Daily Pivot Point R2	121.52
Daily Pivot Point R3	121.97

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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