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EUR/JPY London Price Forecast: Euro vulnerable below 122.10 level vs. yen

  • EUR/JPY wedge pattern can lead to further losses. 
  • The level to beat for bears is the 122.10 support.

 

EUR/JPY daily chart

 

After Friday’s bearish candle, the spot is starting the week near its lowest in the last four trading sessions just above the 122.00 handle. 

EUR/JPY four-hour chart

 

The spot broke a wedge formation to the downside while challenging the 122.10 support and the 50-period simple moving average (SMA) on the four-hour chart. In the event bulls fail to regain the 122.42 resistance, the market is set to trade sideways to down with a potential bearish break below the 122.10 which can lead to 121.78 and 121.28 levels, according to the Technical Confluences Indicator.

Additional key level

 

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