EUR/JPY Technical Analysis: The cross met support just ahead of the 124.00 handle

The correction lower in EUR/JPY appears to have met decent contention in the vicinity of 124.00 the figure, where it is now attempting to rebound from. The weekly down move recently picked up extra pace after the cross broke below the 125.64/43 band, where coincide the 10-, 100-, 55- and 21-day SMAs.
Despite the onoging bounce off earlier lows, the cross is expected to remain under pressure while another visit to the 123.60 region still stays on the cards in the near term.
In the meantime, the cross needs to clear the multi-month resistance line, today ay 126.57, to alleviate downside pressure and shift its focus to 2019 highs in the mid-127.00s seen in early March.

Pablo Piovano FXStreet

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	124.41
Today Daily Change	46
Today Daily Change %	0.07
Today daily open	124.32

Trends
Daily SMA20	125.5
Daily SMA50	125.59
Daily SMA100	125.59
Daily SMA200	127.43

Levels
Previous Daily High	125.24
Previous Daily Low	124.13
Previous Weekly High	126.86
Previous Weekly Low	125.64
Previous Monthly High	127.52
Previous Monthly Low	123.64
Daily Fibonacci 38.2%	124.55
Daily Fibonacci 61.8%	124.81
Daily Pivot Point S1	123.89
Daily Pivot Point S2	123.46
Daily Pivot Point S3	122.78
Daily Pivot Point R1	124.99
Daily Pivot Point R2	125.67
Daily Pivot Point R3	126.1

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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