EUR/JPY Price Analysis: Scope for extra rangebound

EUR/JPY met a tough barrier in the 121.00 region so far this week.
Further up is located the next stop at the 122.00 barrier.

Pablo Piovano FXStreet

Following a failed attempt to surpass the 121.00 mark earlier in the week, EUR/JPY is now looking to stabilize in the mid-120.00s so far this week. The 121.00 zone coincides as well with March’s tops.

In the meantime, solid support appears to have emerged at the 200-day SMA in the mid-119.00s. A break below this area should pave the way for a deeper pullback in the short-term horizon.

On the broader outlook, while above the 200-day SMA at 119.55, the stance on the cross is predicted to remain positive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	120.44
Today Daily Change	45
Today Daily Change %	0.00
Today daily open	120.44

Trends
Daily SMA20	121.08
Daily SMA50	118.42
Daily SMA100	118.76
Daily SMA200	119.6

Levels
Previous Daily High	120.75
Previous Daily Low	120.04
Previous Weekly High	122.12
Previous Weekly Low	119.38
Previous Monthly High	119.9
Previous Monthly Low	114.43
Daily Fibonacci 38.2%	120.31
Daily Fibonacci 61.8%	120.48
Daily Pivot Point S1	120.06
Daily Pivot Point S2	119.69
Daily Pivot Point S3	119.35
Daily Pivot Point R1	120.78
Daily Pivot Point R2	121.12
Daily Pivot Point R3	121.49

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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