EUR/JPY Technical Analysis: The cross met support in the 128.30 region. Remains vulnerable

The soft tone around the European currency triggered a sharp leg lower in the cross, forcing it to drop as low as the 128.30 area, or multi-week lows, on Thursday.
A deeper retracement should see September’s low at 127.86 revisited. This is considered the latest defense of a test of 124.88, August’s low.
On the upside, immediate hurdle emerges in the mid-129.00s, a key area where converge the 10-, 100- and 55-day SMAs.

Pablo Piovano FXStreet

EUR/JPY daily chart

EUR/JPY

Overview:
    Last Price: 128.72
    Daily change: 20 pips
    Daily change: 0.156%
    Daily Open: 128.52
Trends:
    Daily SMA20: 130.85
    Daily SMA50: 129.64
    Daily SMA100: 129.51
    Daily SMA200: 130.75
Levels:
    Daily High: 129.76
    Daily Low: 128.32
    Weekly High: 131.26
    Weekly Low: 129.21
    Monthly High: 133.15
    Monthly Low: 127.87
    Daily Fibonacci 38.2%: 128.87
    Daily Fibonacci 61.8%: 129.21
    Daily Pivot Point S1: 127.98
    Daily Pivot Point S2: 127.44
    Daily Pivot Point S3: 126.55
    Daily Pivot Point R1: 129.41
    Daily Pivot Point R2: 130.3
    Daily Pivot Point R3: 130.84

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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