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EUR/JPY Price Analysis: Decent support emerged near 122.90

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  • EUR/JPY stays on the defensive but managed to regain 123.00.
  • The key support area around 122.90 holds the downside so far.

EUR/JPY keeps correcting lower on the back of renewed JPY-buying and despite the firm performance of the European currency. Friday’s pullback met support in the 122.90 region, where sits the January peak.

Extra upside momentum remains well on the cards in spite of the ongoing corrective downside and is expected to target the 2020 peaks beyond the 124.00 mark in the short-term horizon. If the buying impetus picks up pace, then the focus should shift to the May 2019 high at 125.23 (May 1).

As long as the 200-day SMA at 119.93 holds the downside, the outlook on the cross is seen as positive.

EUR/JPY daily chart

EUR/JPY Price Analysis: Decent support emerged near 122.90

EUR/JPY

Overview
Today last price 123.3
Today Daily Change 59
Today Daily Change % -0.32
Today daily open 123.7
Trends
Daily SMA20 121.94
Daily SMA50 120.86
Daily SMA100 119.18
Daily SMA200 119.95
Levels
Previous Daily High 123.97
Previous Daily Low 122.84
Previous Weekly High 124.29
Previous Weekly Low 122.2
Previous Monthly High 124.43
Previous Monthly Low 119.32
Daily Fibonacci 38.2% 123.27
Daily Fibonacci 61.8% 123.54
Daily Pivot Point S1 123.04
Daily Pivot Point S2 122.37
Daily Pivot Point S3 121.91
Daily Pivot Point R1 124.17
Daily Pivot Point R2 124.64
Daily Pivot Point R3 125.3

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