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EUR/JPY Price Analysis: Euro trading off 2020 lows, remains vulnerable vs. yen

  • EUR/JPY is under selling pressure while trading off the 2020 lows near the 120.00 level. 
  • The level to beat for bears is the 119.90 support.
 
 

EUR/JPY daily chart

 
EUR/JPY is consolidating the recent drop near the 120.00 figure while trading below the main simple moving averages (SMAs).  
  

EUR/JPY four-hour chart

 
The market remains under selling pressure despite the possibility of a correction. Bears would be looking to pierce the 119.90 support to reach the 119.65 and 119.40 levels, according to the Technical Confluences Indicator. Resistances are seen near 120.40, 120.82 and 121.15 levels.
  

Additional key level

 

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