EUR/JPY Price Analysis: Technical correction looks likely

EUR/JPY retreats from recent cycle highs above 144.00.
Extra gains now target the 2015 peak past the 145.00yardstick.

Pablo Piovano FXStreet

EUR/JPY is under some technical pullback following the needle-like upside seen in past sessions as well as overbought conditions, as per the daily RSI above the 70.00 threshold.

The cross probed the area above the 144.00 mark and opened the door to the continuation of the rally in the very near term. That said, the surpass of the 2022 peak at 144.25 (June 8) should lead up to a probable challenge of the 2015 high at 145.32 (January 2) prior to the 2014 high at 149.78 (December 8).

In the meantime, while above the 3-month support line near 136.00, the short-term outlook for the cross should remain bullish.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	142.91
Today Daily Change	148
Today Daily Change %	-0.67
Today daily open	143.87

Trends
Daily SMA20	137.32
Daily SMA50	136.89
Daily SMA100	133.62
Daily SMA200	131.82

Levels
Previous Daily High	144.25
Previous Daily Low	141.85
Previous Weekly High	140.37
Previous Weekly Low	136.38
Previous Monthly High	138.32
Previous Monthly Low	132.66
Daily Fibonacci 38.2%	143.34
Daily Fibonacci 61.8%	142.77
Daily Pivot Point S1	142.4
Daily Pivot Point S2	140.93
Daily Pivot Point S3	140
Daily Pivot Point R1	144.8
Daily Pivot Point R2	145.73
Daily Pivot Point R3	147.2

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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