EUR/JPY Price Analysis: Interim top near 138.40?

EUR/JPY attempts a mild rebound following Wednesday’s drop.
The August top at 138.39 caps the upside for the time being.

Pablo Piovano FXStreet

EUR/JPY bounces off weekly lows in the 136.60/50 band and reclaims part of the ground lost on Wednesday’s strong retracement.

So far, the August recovery appears to have met some initial resistance in the 138.40 zone (August 10). If the cross regains upside traction and surpasses this level, it could then extend the move to, initially, the 55-day SMAs, today at 139.06.

While above the 200-day SMA at 133.87, the outlook for the cross is expected to remain constructive. This contention zone also appears underpinned by the proximity of the August low at 133.39 (August 2).

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	136.98
Today Daily Change	55
Today Daily Change %	0.06
Today daily open	136.9

Trends
Daily SMA20	138.17
Daily SMA50	139.85
Daily SMA100	138.07
Daily SMA200	133.88

Levels
Previous Daily High	138.4
Previous Daily Low	136.62
Previous Weekly High	137.76
Previous Weekly Low	133.4
Previous Monthly High	142.43
Previous Monthly Low	135.55
Daily Fibonacci 38.2%	137.3
Daily Fibonacci 61.8%	137.72
Daily Pivot Point S1	136.21
Daily Pivot Point S2	135.52
Daily Pivot Point S3	134.43
Daily Pivot Point R1	137.99
Daily Pivot Point R2	139.09
Daily Pivot Point R3	139.77

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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