EUR/JPY Price Analysis: Solid support appears around 130.00

EUR/JPY rebounds from earlier lows in the 130.00 zone.
The 50-day SMA around 132.00 emerges as the next hurdle.

Pablo Piovano FXStreet

Following a drop to new 2-month lows in the 130.00 neighbourhood, EUR/JPY manages to regain some upside traction and looks to retake the 131.00 mark.

Further recovery is likely on the back of the oversold condition of the cross. That said, there is not much in terms of resistance levels until the 50-day SMA just above 132.00 the figure. This area coincides with the short-term resistance line. Above this region, the selling pressure is seen losing some traction.

In the broader picture, while above the 200-day SMA at 127.61 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	130.99
Today Daily Change	100
Today Daily Change %	0.21
Today daily open	130.71

Trends
Daily SMA20	133.15
Daily SMA50	132.12
Daily SMA100	130.42
Daily SMA200	127.63

Levels
Previous Daily High	131.43
Previous Daily Low	130.61
Previous Weekly High	133.68
Previous Weekly Low	130.61
Previous Monthly High	134.06
Previous Monthly Low	130.98
Daily Fibonacci 38.2%	130.93
Daily Fibonacci 61.8%	131.12
Daily Pivot Point S1	130.4
Daily Pivot Point S2	130.1
Daily Pivot Point S3	129.58
Daily Pivot Point R1	131.22
Daily Pivot Point R2	131.74
Daily Pivot Point R3	132.04

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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