EUR/JPY Price Analysis: The 122.90 region holds the downside so far

EUR/JPY is fading part of Monday’s pullback above the 123.00 area.
The key support area around 122.90 holds the downside so far.

Pablo Piovano FXStreet

EUR/JPY now seems to have entered into a consolidative phase around the mid-123.00s in the unchanged context of firm JPY-buying and despite the positive outlook in the shared currency.

Extra upside momentum remains well on the cards in spite of the ongoing corrective downside and is expected to target the 2020 peaks beyond the 124.00 mark in the short-term horizon. If sellers regain the upper hand, then the leg lower could test the short-term support line, today around 121.15.

As long as EURJPY trades above the 200-day SMA at 119.94, the bullish outlook is expected to remain unchanged.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	123.54
Today Daily Change	60
Today Daily Change %	-0.23
Today daily open	123.83

Trends
Daily SMA20	122.08
Daily SMA50	120.99
Daily SMA100	119.25
Daily SMA200	119.97

Levels
Previous Daily High	123.9
Previous Daily Low	123.22
Previous Weekly High	124.29
Previous Weekly Low	122.2
Previous Monthly High	124.43
Previous Monthly Low	119.32
Daily Fibonacci 38.2%	123.64
Daily Fibonacci 61.8%	123.48
Daily Pivot Point S1	123.4
Daily Pivot Point S2	122.97
Daily Pivot Point S3	122.72
Daily Pivot Point R1	124.08
Daily Pivot Point R2	124.33
Daily Pivot Point R3	124.76

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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