EUR/JPY Price Analysis: Sticks to the neutral/bearish stance

EUR/JPY is extending the consolidation theme around the 124.00 zone.
Minor support emerges at the 21-day SMA near 123.30.

Pablo Piovano FXStreet

EUR/JPY is struggling for direction in the first half of the week and it now seems to have moved into a rangebound trade around the 124.00 neighbourhood.

Further downside remains on the cards, however, with interim support in the 123.30 region, where sits the 21-day SMA. Further south emerges the monthly lows in the 121.60 zone. On the other hand, if bulls regain the upper hand, then the focus of attention should shift to the 125.00 neighbourhood.

A breach of the 121.60 area should open the door to extra losses and a probable shift to a bearish outlook.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	123.83
Today Daily Change	31
Today Daily Change %	-0.08
Today daily open	123.93

Trends
Daily SMA20	123.36
Daily SMA50	123.79
Daily SMA100	123.91
Daily SMA200	121.34

Levels
Previous Daily High	124.44
Previous Daily Low	123.63
Previous Weekly High	125.14
Previous Weekly Low	122.68
Previous Monthly High	125.09
Previous Monthly Low	121.62
Daily Fibonacci 38.2%	124.13
Daily Fibonacci 61.8%	123.94
Daily Pivot Point S1	123.56
Daily Pivot Point S2	123.19
Daily Pivot Point S3	122.75
Daily Pivot Point R1	124.37
Daily Pivot Point R2	124.82
Daily Pivot Point R3	125.19

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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