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EUR/JPY Price Analysis: Euro pressuring the 121.63 resistance vs. yen

  • EUR/JPY correction up is gaining steam as the market challenges the 121.63 resistance. 
  • Resistances are seen near 122.12 and 122.63 resistances.
 

EUR/JPY daily chart

 
EUR/JPY created a head-and-shoulders pattern while trading above the 121.00 handle and the main simple moving averages (SMAs).
 

EUR/JPY four-hour chart

 
The market formed a base above the 120.00 handle as the spot is breaking above the trendline and challenging the 121.62 resistance. If bulls clear this level, the market can continue its ascent to the 122.12 and 122.63 resistances. Support is seen near 121.11, 120.73, 120.40 and the 120.00 handle, according to the Technical Confluences Indicator. 
    

Additional key levels

 

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