EUR/JPY Technical Analysis: Decline met support in the mid-127.00s. The outlook still looks vulnerable

The cross is recovering part of the ground lost in the past three sessions with losses, meeting some contention in the 127.50 area for the time being.
Immediate target on the downside remains October’s low at 126.61, considered the last defense of a test of YTD lows at 124.60 seen in late May.
On the upside, the 128.75/82 band, where coincide the 10-day SMA and the 21-day SMA should offer some interim hurdle.

Pablo Piovano FXStreet

EUR/JPY daily chart

EUR/JPY

Overview:
    Last Price: 128.26
    Daily change: 46 pips
    Daily change: 0.360%
    Daily Open: 127.8
Trends:
    Daily SMA20: 128.77
    Daily SMA50: 129.89
    Daily SMA100: 129.51
    Daily SMA200: 130.19
Levels:
    Daily High: 129.21
    Daily Low: 127.78
    Weekly High: 130.16
    Weekly Low: 128.6
    Monthly High: 132.49
    Monthly Low: 126.63
    Daily Fibonacci 38.2%: 128.33
    Daily Fibonacci 61.8%: 128.66
    Daily Pivot Point S1: 127.32
    Daily Pivot Point S2: 126.84
    Daily Pivot Point S3: 125.9
    Daily Pivot Point R1: 128.74
    Daily Pivot Point R2: 129.68
    Daily Pivot Point R3: 130.16

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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