EUR/JPY Price Analysis: Downside pressure alleviated above 129.60

EUR/JPY bounces off recent lows in the 127.50 region.
Above 129.50 the selling pressure should mitigate somewhat.

Pablo Piovano FXStreet

Despite the current daily rebound, the outlook for EUR/JPY still falls on the fragile side, to be optimistic.

The continuation of the downtrend remains well on the cards for the time being, although further recovery faces the initial hurdle at the 10-day SMA at 128.92. Further up comes the weekly top around 129.60 (November 24) and if cleared, then the downside pressure is expected to alleviate somewhat.

Looking at the broader picture, the outlook for the cross is expected to remain negative while below the 200-day SMA, today at 130.55.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	128.31
Today Daily Change	77
Today Daily Change %	0.09
Today daily open	128.2

Trends
Daily SMA20	130.08
Daily SMA50	130.51
Daily SMA100	130.05
Daily SMA200	130.59

Levels
Previous Daily High	128.57
Previous Daily Low	127.49
Previous Weekly High	129.6
Previous Weekly Low	127.8
Previous Monthly High	133.48
Previous Monthly Low	128.34
Daily Fibonacci 38.2%	127.9
Daily Fibonacci 61.8%	128.16
Daily Pivot Point S1	127.6
Daily Pivot Point S2	127.01
Daily Pivot Point S3	126.52
Daily Pivot Point R1	128.68
Daily Pivot Point R2	129.17
Daily Pivot Point R3	129.76

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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