EUR/JPY Price Analysis: Still targets the 123.00 region

EUR/JPY met some tough resistance in the 122.60 zone.
Immediately above emerges the YTD highs just below 123.00.

Pablo Piovano FXStreet

EUR/JPY is correcting lower on Thursday as sellers turned up in response to extreme overbought levels. Adding to the move lower, the sentiment in the risk universe is also entering into a pause-mode.

Despite the current knee-jerk, the main focus is still on the yearly tops just below 123.00 the figure recorded in mid-January.

While above the 200-day SMA at 119.33, the outlook on the cross is seen as positive. This view is reinforced as well as EUR/JPY keeps business above the 5-month support line, also in the 119.30 zone.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	122.02
Today Daily Change	53
Today Daily Change %	-0.26
Today daily open	122.34

Trends
Daily SMA20	117.78
Daily SMA50	117.54
Daily SMA100	118.72
Daily SMA200	119.38

Levels
Previous Daily High	122.63
Previous Daily Low	121.27
Previous Weekly High	119.9
Previous Weekly Low	117.08
Previous Monthly High	119.9
Previous Monthly Low	114.43
Daily Fibonacci 38.2%	122.11
Daily Fibonacci 61.8%	121.79
Daily Pivot Point S1	121.53
Daily Pivot Point S2	120.72
Daily Pivot Point S3	120.17
Daily Pivot Point R1	122.89
Daily Pivot Point R2	123.44
Daily Pivot Point R3	124.24

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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