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EUR/JPY Price Analysis: Euro under pressure near seven-day low vs. yen, sub-122.00 figure

  • EUR/JPY wedge pattern is putting EUR/JPY under pressure.
  • The level to beat for sellers is the 121.64 support.
 
 

EUR/JPY daily chart

 
The market is weakening from January’s tops trading below the 122.00 level while holding above the main daily simple moving averages (SMAs).  
 
 

EUR/JPY four-hour chart

 
The spot broke down from the rising wedge pattern while challenging the 121.64 support and the 200-period simple moving average (SMA) on the four-hour chart. As the market is under pressure the spot is set to keep declining towards the 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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