EUR/JPY Price Analysis: Downside pressure seen alleviated above 138.30

EUR/JPY regains the smile following Thursday’s sharp drop.
Extra gains are likely above the May high near 138.30.

Pablo Piovano FXStreet

Following Thursday’s deep sell-off, EUR/JPY seems to have met some decent contention near 132.60 for the time being.

If the recovery picks extra pace, then the cross could see the downside mitigated on a close above the May peak at 138.31 (May 9). The surpass of the latter should put a potential visit to the 2022 high at 140.00 (April 21) back on the radar.

In the meantime, while above the 200-day SMA at 131.02, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	133.99
Today Daily Change	120
Today Daily Change %	0.58
Today daily open	133.22

Trends
Daily SMA20	137.08
Daily SMA50	134.4
Daily SMA100	132.29
Daily SMA200	131.03

Levels
Previous Daily High	136.75
Previous Daily Low	132.66
Previous Weekly High	138.16
Previous Weekly Low	136.52
Previous Monthly High	140
Previous Monthly Low	134.3
Daily Fibonacci 38.2%	134.22
Daily Fibonacci 61.8%	135.19
Daily Pivot Point S1	131.67
Daily Pivot Point S2	130.12
Daily Pivot Point S3	127.58
Daily Pivot Point R1	135.76
Daily Pivot Point R2	138.3
Daily Pivot Point R3	139.85

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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