EUR/JPY Technical Analysis: stays downside corrective after failing at the 200-day SMA near 132.00.

EUR/JPY continues to drift lower after being rejected from the 132.00 neighbourhood earlier in the week, where sits the critical 200-day SMA.
Some consolidation ahead of further gains is not ruled out following the July rally.
The bullish tone in the cross is poised to remain unchanged while above the daily cloud and June’s tops in the 130.40 region. This area appears reinforced by the short-term support line and the top of the cloud in the 128.80 region.
On the daily RSI, the cross has receded to the 60 region after flirting with overbought levels in past sessions, while the daily ADX highlights a weak trend.

Pablo Piovano FXStreet

EUR/JPY daily chart

Daily high: 131.45

Daily low: 130.91

Support Levels

S1: 130.91

S2: 130.44

S3: 130.00

Resistance Levels

R1: 131.82

R2: 132.26

R3: 132.73

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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