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6 Nov 2019
EUR/JPY technical analysis: Euro trading at weekly lows against Yen near 120.55 level
- EUR/JPY is under pressure below the 120.85 resistance, this Wednesday.
- The level to beat for sellers is the 120.45 support.
EUR/JPY daily chart
EUR/JPY is trading in a downtrend below the 200-day simple moving average (DMA). However, in last month the spot had a bull run to the 121.00 handle where the market is now consolidating.
EUR/JPY four-hour chart
On the four-hour chart, the spot is trading below its 100 and 200 SMAs, suggesting weakening bullish momentum in the medium term. The market remains trapped in a range and the buyers would need to overcome the 121.20 and 121.50 resistance on a daily basis to resume the uptrend.
EUR/JPY 30-minute chart
Following the sharp reversal down on Tuesday, EUR/JPY is under pressure below the 120.85 resistance and the main SMAs this Wednesday. A break below 120.45 can expose the 120.10 support level, according to the Technical Confluences Indicators.
Additional key levels