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EUR/JPY Price Analysis: Euro rolling into Asia near seven-day lows, sub-122.00 figure

  • EUR/JPY wedge pattern is weighing on the EUR/JPY.
  • The level to beat for bears is the 121.83 support.
 
 

EUR/JPY daily chart

 
After Friday’s drop, the market is weakening below the 122.00 level while holding above the main daily simple moving averages (SMAs).  
 
 

EUR/JPY four-hour chart

 
The market broke down from a rising wedge pattern while piercing below the 121.83 support and challenging the 100-period simple moving average (SMA) on the four-hour chart. As the market is weakening the spot is set to keep declining towards the 121.64 and 121.13 levels, according to the Technical Confluences Indicator. Resistances are seen near 121.83, 122.21, 122.66 and 122.90 levels.
  

Additional key level

 

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