EUR/JPY Price Analysis: Still room for a test of 2021 highs


  • EUR/JPY manages to reverse Thursday’s strong pullback.
  • The resumption of the upside could well see the YTD high retested.

EUR/JPY’s needle-like upside seems to have met some decent hurdle in the vicinity of 133.50 on Thursday, sparking quite a moderate corrective downside afterwards.

The cross corrected lower following recent overbought levels. However, the current positive outlook should allow for the continuation of the uptrend in the not-so-distant future, with minor hurdles at 133.68 (June 15) and 133.76 (June 10) ahead of the more relevant YTD high at 134.12 recorded on June 1.

In the broader scenario, while above the 200-day SMA at 130.04, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price 132.52
Today Daily Change 49
Today Daily Change % 0.06
Today daily open 132.44
 
Trends
Daily SMA20 130.61
Daily SMA50 129.85
Daily SMA100 130.43
Daily SMA200 130.05
 
Levels
Previous Daily High 133.37
Previous Daily Low 132.26
Previous Weekly High 132.78
Previous Weekly Low 129.71
Previous Monthly High 130.74
Previous Monthly Low 127.93
Daily Fibonacci 38.2% 132.69
Daily Fibonacci 61.8% 132.95
Daily Pivot Point S1 132.01
Daily Pivot Point S2 131.58
Daily Pivot Point S3 130.9
Daily Pivot Point R1 133.12
Daily Pivot Point R2 133.8
Daily Pivot Point R3 134.23

 

 

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