EUR/JPY Technical Analysis: Rangebound trade expected to persist. Further decline not ruled out

EUR/JPY is extending its consolidative theme so far this year following the ‘flash crash’ on January 3 to sub-119.00 levels.
The cross, however, faces a formidable resistance in the 125.00 area, reinforced by August 2018 low (124.91) and the 21-day SMA at 124.80.
Below this hurdle the cross is expected to extend the sideline theme although the likelihood of a leg lower remains well on the cards with immediate target at 123.31 (low January 15).

Pablo Piovano FXStreet

EUR/JPY daily chart

EUR/JPY

Overview:
    Today Last Price: 124.3
    Today Daily change: -0.40 pips
    Today Daily change %: -0.32%
    Today Daily Open: 124.7
Trends:
    Daily SMA20: 124.8
    Daily SMA50: 126.92
    Daily SMA100: 128.4
    Daily SMA200: 128.97
Levels:
    Previous Daily High: 124.83
    Previous Daily Low: 124.51
    Previous Weekly High: 124.98
    Previous Weekly Low: 123.39
    Previous Monthly High: 129.3
    Previous Monthly Low: 125.36
    Daily Fibonacci 38.2%: 124.71
    Daily Fibonacci 61.8%: 124.63
    Daily Pivot Point S1: 124.53
    Daily Pivot Point S2: 124.36
    Daily Pivot Point S3: 124.2
    Daily Pivot Point R1: 124.85
    Daily Pivot Point R2: 125.01
    Daily Pivot Point R3: 125.18

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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