EUR/JPY Technical Analysis: Further retracements likely below 126.24

EUR/JPY is fading part of yesterday’s positive performance and has returned to the 124.00 area on Tuesday.
While below the multi-month resistance line at 126.24, another visit to January low at 122.58 should remain on the cards, ahead of the ‘flash crash’ to sub-119.00 levels seen in early January.
On the upside, the cross faces interim resistance in the 125.25/44 band, where converge the 21-day, 100-day and 55-day SMAs. Above this region, the downside pressure is expected to mitigate and the cross should then refocus on April tops just below 127.00 the figure.

Pablo Piovano FXStreet

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	124.01
Today Daily Change	48
Today Daily Change %	-0.04
Today daily open	124.06

Trends
Daily SMA20	125.35
Daily SMA50	125.47
Daily SMA100	125.32
Daily SMA200	127.25

Levels
Previous Daily High	124.33
Previous Daily Low	123.36
Previous Weekly High	125.24
Previous Weekly Low	124.28
Previous Monthly High	126.86
Previous Monthly Low	124.04
Daily Fibonacci 38.2%	123.96
Daily Fibonacci 61.8%	123.73
Daily Pivot Point S1	123.51
Daily Pivot Point S2	122.95
Daily Pivot Point S3	122.54
Daily Pivot Point R1	124.47
Daily Pivot Point R2	124.88
Daily Pivot Point R3	125.43

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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