EUR/JPY Price Analysis: Support emerges around the 200-day SMA

EUR/JPY fades the recent strength and drops below 131.00.
The 200-day SMA near 130.50 supports the downside so far.

Pablo Piovano FXStreet

EUR/JPY fades Wednesday’s uptick to the vicinity of 132.00 and slips back to the sub-131.00 region on Thursday.

Despite the knee-jerk, further upside in the cross should remain on the table while above the 2-month support line, today near 128.80. That said, the resumption of the upside bias should retarget the weekly high at 131.90 (February 16) ahead of the 2022 peak at 133.15 (February 10). If the buying impulse gathers extra pace, then the focus of attention should gyrate to the October 2021 high at 133.48 (October 20).

On the longer term, the outlook for the cross is seen as constructive as long as it trades above the 200-day SMA at 130.44.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	130.84
Today Daily Change	110
Today Daily Change %	-0.41
Today daily open	131.38

Trends
Daily SMA20	130.26
Daily SMA50	129.98
Daily SMA100	130.15
Daily SMA200	130.49

Levels
Previous Daily High	131.91
Previous Daily Low	131.11
Previous Weekly High	133.15
Previous Weekly Low	130.38
Previous Monthly High	131.6
Previous Monthly Low	128.25
Daily Fibonacci 38.2%	131.6
Daily Fibonacci 61.8%	131.41
Daily Pivot Point S1	131.02
Daily Pivot Point S2	130.66
Daily Pivot Point S3	130.22
Daily Pivot Point R1	131.82
Daily Pivot Point R2	132.26
Daily Pivot Point R3	132.62

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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