EUR/JPY Price Analysis: Upside faltered around 122.00

EUR/JPY move up met initial hurdle at the 122.00 area.
Further up emerges the 2020 high at 124.43 (June 5).

Pablo Piovano FXStreet

EUR/JPY failed to extend the bullish attempt further north of the 122.00 mark on Monday, sparking the ongoing knee-jerk.

If the buying interest picks up pace, then the yearly tops in the 124.40 region should emerge on the horizon.

As long as the 200-day SMA at 119.65 holds the downside, the outlook on the cross is seen as constructive. This contention area is also reinforced by June’s lows in the 119.30 region.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	121.38
Today Daily Change	35
Today Daily Change %	-0.02
Today daily open	121.4

Trends
Daily SMA20	120.79
Daily SMA50	119.09
Daily SMA100	118.85
Daily SMA200	119.71

Levels
Previous Daily High	121.97
Previous Daily Low	120.85
Previous Weekly High	121.48
Previous Weekly Low	120.05
Previous Monthly High	124.43
Previous Monthly Low	119.32
Daily Fibonacci 38.2%	121.54
Daily Fibonacci 61.8%	121.28
Daily Pivot Point S1	120.84
Daily Pivot Point S2	120.29
Daily Pivot Point S3	119.72
Daily Pivot Point R1	121.96
Daily Pivot Point R2	122.52
Daily Pivot Point R3	123.08

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.

EUR/USD extends slide toward 1.1800 on renewed USD strength

EUR/USD extends its daily slide and trades at a fresh weekly low below 1.1850 in the second half of the day on Tuesday. Renewed US Dollar strength, combined with a softer risk tone keep the pair undermined alongside downbeat German ZEW sentiment readings for February.

GBP/USD falls below 1.3550, pressured by weak UK jobs report

GBP/USD remains under heavy bearish pressure and falls toward 1.3500 on Tuesday. The UK employment data highlighted worsening labor market conditions, bolstering bets for a BoE interest rate cut next month and making it difficult for Pound Sterling to stay resilient against its peers.

Gold recovers modestly, stays deep in red below $4,950

Gold (XAU/USD) stages a rebound but remains deep in negative territory below $4,950 after touching its weakest level in over a week near $4,850 earlier in the day. Renewed US Dollar strength makes it difficult for XAU/USD to gather recovery momentum despite the risk-averse market atmosphere.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.