EUR/JPY Price Analysis: The 129.50/60 band holds the downside… for now

EUR/JPY manages to bounce off recent lows in the mid-129.00s.
The loss of the 129.50 area should expose a move to 128.30.

Pablo Piovano FXStreet

The leg lower in EUR/JPY seems to have met some decent contention in the 129.50/60 band so far. In this area coincides recent lows and a Fibo level (of the January-June rally).

The loss of this area should expose further downside. That said, there is a minor support at 128.54 (Fibo level) ahead of the critical 200-day SMA, today at 128.30.

Above the latter, the broader outlook for the cross is seen as constructive for the time being.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	130.09
Today Daily Change	55
Today Daily Change %	0.25
Today daily open	129.76

Trends
Daily SMA20	131.26
Daily SMA50	132.31
Daily SMA100	131.17
Daily SMA200	128.34

Levels
Previous Daily High	130.21
Previous Daily Low	129.61
Previous Weekly High	131.87
Previous Weekly Low	129.62
Previous Monthly High	134.13
Previous Monthly Low	130.04
Daily Fibonacci 38.2%	129.84
Daily Fibonacci 61.8%	129.98
Daily Pivot Point S1	129.51
Daily Pivot Point S2	129.27
Daily Pivot Point S3	128.92
Daily Pivot Point R1	130.11
Daily Pivot Point R2	130.45
Daily Pivot Point R3	130.7

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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