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4 Dec 2019
EUR/JPY price analysis: Euro eases from daily highs, trades above 120.55 support against yen
- EUR/JPY bulls wanted to retest the 121.00 handle but got stopped at the 120.80 resistance.
- The level to beat for sellers is the 120.55 support.
EUR/JPY daily chart
EUR/JPY is trading in a bear trend below its 200-day simple moving average (DMA). However, the spot has been stuck in a correction below the 121.00 handle in the last weeks of trading.
EUR/JPY four-hour chart
The market challenged the 120.80 resistance but found not acceptance. As the underlying trend is bearish, the spot is more likely to break below the 120.55 support level and decline towards the 120.38 and 120.13 price levels, according to Technical Confluences Indicator.
EUR/JPY 30-minute chart
The cross is trading near a flat 200 SMA while in the middle of the weekly range. Resistance is seen at the 120.80, 121.08 and 121.30 price levels, according to Technical Confluences Indicator.
Additional key levels