EUR/JPY Price Analysis: Technical correction could retest 138.70

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  • EUR/JPY is under pressure after a new cycle high.
  • The ongoing corrective decline could extend to the 138.70 area.

The EUR/JPY it is moving towards fresh highs near 144.70, an area where it last traded in January 2015, before embarking on a corrective decline.

The cross breaks out of overbought territory and the ongoing technical move carries the potential to extend into the 138.70 region, an area coincident with the September low and the 55-day SMA.

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Meanwhile, as long as it is above the 200-day SMA at 134.84, the outlook for the pair should remain constructive.

EUR/JPY daily chart

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Technical levels

EUR/JPY

Panorama
Last Price Today 143.3
Today’s Daily Change -0.82
Today’s Daily Change % -0.57
Today’s Daily Opening 144.12
Trends
20 Daily SMA 138.48
50 Daily SMA 138.41
100 Daily SMA 138.57
200 Daily SMA 134.8
levels
Previous Daily High 144.33
Previous Daily Minimum 143.18
Previous Maximum Weekly 140.75
Previous Weekly Minimum 137.04
Monthly Prior Maximum 139.73
Previous Monthly Minimum 133.4
Daily Fibonacci 38.2% 143.89
Daily Fibonacci 61.8% 143.62
Daily Pivot Point S1 143.42
Daily Pivot Point S2 142.72
Daily Pivot Point S3 142.27
Daily Pivot Point R1 144.57
Daily Pivot Point R2 145.02
Daily Pivot Point R3 145.72

Source: Fx Street

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