EUR/JPY Technical Analysis: The resistance line at 122.16 emerges as the next target

The cross is showing some recovery after finding support in the 10-day SMA near 121.70.
Friday’s bullish ‘outside day’ sparked a correction higher to the 122.50 region, losing some momentum afterwards on renewed EUR-weakness.
Ideally, EUR/JPY needs to clear the short-term resistance line at 122.16 in order to alleviate the current downside pressure and attempt a test of the 123.00 handle and beyond.

Pablo Piovano FXStreet

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	122.08
Today Daily Change	39
Today Daily Change %	0.21
Today daily open	121.83

Trends
Daily SMA20	121.92
Daily SMA50	123.11
Daily SMA100	124.3
Daily SMA200	126.09

Levels
Previous Daily High	122.47
Previous Daily Low	121.64
Previous Weekly High	122.13
Previous Weekly Low	120.94
Previous Monthly High	125.24
Previous Monthly Low	120.92
Daily Fibonacci 38.2%	121.96
Daily Fibonacci 61.8%	122.15
Daily Pivot Point S1	121.49
Daily Pivot Point S2	121.16
Daily Pivot Point S3	120.67
Daily Pivot Point R1	122.32
Daily Pivot Point R2	122.81
Daily Pivot Point R3	123.14

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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