EUR/JPY Technical Analysis: Downside expected to re-test the 100-day SMA near 119.80

The rally in EUR/JPY appears to have met important resistance in the 121.50 region, coincident with late July peaks. The ongoing correction lower comes along renewed softness in EUR, some pick up in the demand for safe havens and a move away from overbought levels, as measured by the RSI.
Further selling impulso should meet the next relevant support at the 100-day SMA in the 119.80 region ahead of the 55-day SMA, today at 118.45.
The resumption of the up move is expected to target the key 200-day SMA at 122.21.

Pablo Piovano FXStreet

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	120.5
Today Daily Change	40
Today Daily Change %	-0.12
Today daily open	120.64

Trends
Daily SMA20	118.82
Daily SMA50	118.42
Daily SMA100	119.79
Daily SMA200	122.25

Levels
Previous Daily High	121.3
Previous Daily Low	120.57
Previous Weekly High	121.36
Previous Weekly Low	119.12
Previous Monthly High	120.01
Previous Monthly Low	115.86
Daily Fibonacci 38.2%	120.85
Daily Fibonacci 61.8%	121.02
Daily Pivot Point S1	120.37
Daily Pivot Point S2	120.11
Daily Pivot Point S3	119.64
Daily Pivot Point R1	121.1
Daily Pivot Point R2	121.57
Daily Pivot Point R3	121.83

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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