EUR/JPY Technical Analysis: Sidelined near term with attempt to 132.00 on the cards

The cross is now attempting some consolidation after the recent rejection from the key 200-day SMA in the 131.90 region.
The positive prospects for the cross remains well and sound, as it keeps trading above the daily cloud.
Another move to re-test the 132.00 neighbourhood stays alive as long as the cloud and the short-term support line (today at 129.00) continue to underpin.
In addition, the daily RSI reads 59, while the ADX at 18 notes the weak momentum behind the trend.

Pablo Piovano FXStreet

EUR/JPY daily chart

Daily high: 131.23

Daily low: 130.59

Support Levels

S1: 130.64

S2: 130.32

S3: 129.92

Resistance Levels

R1: 131.37

R2: 131.78

R3: 132.10

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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