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EUR/JPY Price Analysis: Intermediate Peak Near 138.40?

  • EUR/JPY attempts a slight rebound after Wednesday’s drop.
  • The August high at 138.39 caps the upside for now.

EUR/JPY rebounds from weekly lows in the 136-60/50 band and recovers some ground lost in Wednesday’s sharp pullback.

For now, the August recovery seems to have met some initial resistance at the 138.40 area (Aug 10). If the cross regains upside traction and breaks above this level, it could extend the move to initially the 55-day simple moving average today at 139.06.

As long as it is above the 200 SMA at 133.87, the outlook for the cross is expected to remain constructive. This zone of contention also appears to be underpinned by the approach of the August low at 133.39 (Aug 2).

EUR/JPY day chart

EUR/JPY

Panorama
Last Price Today 136.73
Today’s Daily Change -0.17
Today’s Daily Change % -0.12
Today’s Daily Opening 136.9
Trends
20 Daily SMA 138.17
50 Daily SMA 139.85
100 Daily SMA 138.07
200 Daily SMA 133.88
levels
Previous Daily High 138.4
Previous Daily Minimum 136.62
Previous Maximum Weekly 137.76
Previous Weekly Minimum 133.4
Monthly Prior Maximum 142.43
Previous Monthly Minimum 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

Source: Fx Street

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