EUR/JPY Technical Analysis: Upside capped by the 21-day SMA near 120.50

The weekly recovery in EUR/JPY lost traction in the mid-120.00s.
The resumption of the buying bias should target the 121.50 region.

Pablo Piovano FXStreet

The cross met strong resistance in the 120.50 region on Monday, coincident with the 21-day SMA.

Th subsequent inability of EUR/JPY to surpass this hurdle has motivated sellers to return to the markets in tandem with the quick pick up in the demand for the safe haven Japanese yen and the generalized risk-off mood in the global markets.

A deeper retracement should meet moderate contention in the 119.45/24 band, where converge the 100-day and 55-day SMAs as well as monthly lows recorded on November 14^th.

In order to alleviate the immediate downside pressure, the cross needs to overcome weekly highs in the 120.50 region and therefore refocus on October peaks in the 121.50 region ahead of the key 200-day SMA AT 121.78.

EUR/JPY

Overview
Today last price	119.96
Today Daily Change	-0.29
Today Daily Change %	-0.24
Today daily open	120.25

Trends
Daily SMA20	120.52
Daily SMA50	119.54
Daily SMA100	119.47
Daily SMA200	121.82

Levels
Previous Daily High	120.5
Previous Daily Low	120
Previous Weekly High	120.65
Previous Weekly Low	119.24
Previous Monthly High	121.48
Previous Monthly Low	117.07
Daily Fibonacci 38.2%	120.19
Daily Fibonacci 61.8%	120.31
Daily Pivot Point S1	120
Daily Pivot Point S2	119.75
Daily Pivot Point S3	119.49
Daily Pivot Point R1	120.5
Daily Pivot Point R2	120.76
Daily Pivot Point R3	121.01

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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