EUR/JPY Price Analysis: Upside stalled just ahead of 121.50

EUR/JPY is now seeing some correction following the test of 121.00.
Immediately to the upside emerges the February’s top near 121.50.

Pablo Piovano FXStreet

After printing multi-week tops beyond 121.00 the figure, EUR/JPY has now come under some selling pressure to the 120.40 region at the time of writing.

The cross has broken above the critical 200-day SMA in the 120.00 neighbourhood and in doing so it has opened the door for a potential move to, initially, the February’s peak near 121.50. Further up emerges the 2020 high near 122.90 (January 16^th).

As long as the 200-day SMA, today at 120.02, holds the downside, there is still scope for the continuation of the rally.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	120.33
Today Daily Change	93
Today Daily Change %	-0.57
Today daily open	121.02

Trends
Daily SMA20	119.08
Daily SMA50	119.9
Daily SMA100	120.45
Daily SMA200	120.05

Levels
Previous Daily High	121.15
Previous Daily Low	119.52
Previous Weekly High	119.69
Previous Weekly Low	116.9
Previous Monthly High	121.4
Previous Monthly Low	118.38
Daily Fibonacci 38.2%	120.53
Daily Fibonacci 61.8%	120.14
Daily Pivot Point S1	119.98
Daily Pivot Point S2	118.93
Daily Pivot Point S3	118.35
Daily Pivot Point R1	121.61
Daily Pivot Point R2	122.19
Daily Pivot Point R3	123.24

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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