EUR/JPY Price Analysis: Initial support comes in around 131.00

EUR/JPY corrects lower from recent 2021 peaks near 133.50.
Further downside should see contention in the 131.00 area.

Pablo Piovano FXStreet

EUR/JPY recedes further following Wednesday’s new YTD tops in the 133.50 region.

While the ongoing knee-jerk is seen as corrective only, it is expected to meet initial support in the 131.00 neighbourhood, or May lows. A breach of this area carries the potential to extend the leg lower to the 130.70 zone, where converge the 50-day SMA and the immediate support line (off the March’s low). This area should hold the downside and prompt some reversion.

In the broader picture, while above the 200-day SMA at 126.80 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	132.83
Today Daily Change	39
Today Daily Change %	-0.14
Today daily open	133.01

Trends
Daily SMA20	131.77
Daily SMA50	130.65
Daily SMA100	128.91
Daily SMA200	126.81

Levels
Previous Daily High	133.44
Previous Daily Low	132.64
Previous Weekly High	132.85
Previous Weekly Low	131.65
Previous Monthly High	132.37
Previous Monthly Low	129.57
Daily Fibonacci 38.2%	132.94
Daily Fibonacci 61.8%	133.13
Daily Pivot Point S1	132.62
Daily Pivot Point S2	132.23
Daily Pivot Point S3	131.82
Daily Pivot Point R1	133.42
Daily Pivot Point R2	133.83
Daily Pivot Point R3	134.22

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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