EUR/JPY Price Analysis: Euro remains weak after being unable to hold above 128.00


  • EUR/JPY continues to move in ranges, with a bearish bias.
  • Dominant trend points to the downside, more losses seen under 127.50.
  • Gains below 129.00 should be seen as corrective.

The EUR/JPY is falling in the later stages of Tuesday after peaking. It has now given back all of Monday’s gains. The euro peaked near 128.50, and then pulled back. It was unable to remain above 128.00, showing that it continues to face pressure.

The main trend is bearish and EUR/JPY looks poised to test the lower bottom area. The key level to watch on the downside is 127.50. A daily close below should point to more losses, with an immediate target at 127.00, followed by 126.70.

Technical indicators are giving mixed signs, affected by the consolidation moves in a small range. RSI is turning south, but Momentum keeps a positive slope. Despite being unable to confirm levels above 128.00, so far the decline has been limited.

If the euro, breaks and posts a close above 128.00, it would gain momentum for a test of 128.50. A daily close above 130.00 should be a potential sign the euro has probably established an interim bottom.

EUR/JPY daily chart

EURJPY

EUR/JPY

Overview
Today last price 127.81
Today Daily Change -0.23
Today Daily Change % -0.18
Today daily open 128.04
 
Trends
Daily SMA20 129.13
Daily SMA50 130.38
Daily SMA100 129.95
Daily SMA200 130.57
 
Levels
Previous Daily High 128.09
Previous Daily Low 127.52
Previous Weekly High 128.79
Previous Weekly Low 127.38
Previous Monthly High 132.56
Previous Monthly Low 127.49
Daily Fibonacci 38.2% 127.87
Daily Fibonacci 61.8% 127.73
Daily Pivot Point S1 127.67
Daily Pivot Point S2 127.31
Daily Pivot Point S3 127.1
Daily Pivot Point R1 128.25
Daily Pivot Point R2 128.45
Daily Pivot Point R3 128.82

 

 

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