EUR/JPY Price Analysis: Solid contention remains around 131.50

EUR/JPY leaves behind Monday’s gains and retests 131.50.
Further losses await on a breach of the mid-131.00s.

Pablo Piovano FXStreet

Sellers returned to the market and dragged EUR/JPY back to the negative territory on turnaround Tuesday.

The cross fades Monday’s constructive price action and refocuses instead once again on the 131.50 area, which still emerges as quite a strong support area. This zone is also reinforced by a Fibo level (of the October’s rally) at 131.51. The loss of this area is expected to meet the next level at another Fibo at 130.97.

In the broader scenario, while above the 200-day SMA at 130.26, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	131.87
Today Daily Change	92
Today Daily Change %	-0.34
Today daily open	132.32

Trends
Daily SMA20	131.56
Daily SMA50	130.35
Daily SMA100	130.36
Daily SMA200	130.28

Levels
Previous Daily High	132.45
Previous Daily Low	131.72
Previous Weekly High	132.73
Previous Weekly Low	131.56
Previous Monthly High	133.48
Previous Monthly Low	128.34
Daily Fibonacci 38.2%	132.17
Daily Fibonacci 61.8%	132
Daily Pivot Point S1	131.88
Daily Pivot Point S2	131.43
Daily Pivot Point S3	131.15
Daily Pivot Point R1	132.6
Daily Pivot Point R2	132.89
Daily Pivot Point R3	133.33

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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