EUR/JPY Price Analysis: Initial support lies at 124.44

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  • EUR/JPY briefly tested the area above the 126.00 mark on Wednesday.
  • Occasional pullbacks should meet support near 124.40 (weekly lows).

Following last week’s 2020 tops near 126.80, EUR/JPY has embarked in a corrective downside which met quite decent contention in the 124.50/45 band (August 21).

The subsequent rebound managed to advance past 126.00 the figure earlier on Wednesday, although the move lacked follow through and sparked a knee-jerk that carries the potential to extend, initially, to recent lows near 124.40.

The constructive view around EUR/JPY is predicted to remain unchanged while above the 200-day SMA at 120.42.

EUR/JPY daily chart

EUR/JPY Price Analysis: Initial support lies at 124.44

EUR/JPY

OVERVIEW
Today last price 125.53
Today Daily Change 73
Today Daily Change % -0.30
Today daily open 125.91
 
TRENDS
Daily SMA20 125.19
Daily SMA50 123.01
Daily SMA100 120.59
Daily SMA200 120.45
 
LEVELS
Previous Daily High 126.03
Previous Daily Low 124.92
Previous Weekly High 126.46
Previous Weekly Low 124.44
Previous Monthly High 125.21
Previous Monthly Low 120.26
Daily Fibonacci 38.2% 125.61
Daily Fibonacci 61.8% 125.35
Daily Pivot Point S1 125.21
Daily Pivot Point S2 124.51
Daily Pivot Point S3 124.1
Daily Pivot Point R1 126.32
Daily Pivot Point R2 126.73
Daily Pivot Point R3 127.42

 

 
 

 Reprinted from fxstreet, the copyrights all reserved by the original author.

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