OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/JPY Price Analysis: Euro nearing 2020 lows, trading sub-120.00 figure

  • EUR/JPY is under heavy selling pressure challenging the 2020 lows. 
  • The level to beat for bears is the 119.92 support. 
 

EUR/JPY daily chart

 
EUR/JPY is nearing the 2020 lows while dropping below the 120.00 figure and the main daily simple moving averages (SMAs).
 

EUR/JPY four-hour chart

 
EUR/JPY is under selling pressure below the main SMAs. The sellers are challenging the 119.92 support and January lows. A daily break below this level would be seen as a bearish continuation which could lead towards the 119.67 and 119.20 price levels, according to the Technical Confluences Indicator. Resistances are seen near the 120.42, 120.55 and 121.00 levels. 
  
 
Resistance: 120.42, 120.55, 121.00
Support: 119.92, 119.67, 119.20
 

Additional key levels

 

Wall Street opens modestly lower amid dismal market mood

Wall Street's main indexes started the week on the back foot as investors opt out to stay away from risk-sensitive assets. Reflecting the sour market
Read more Previous

Canada: Solid pace of home building – RBC Economics

The North American country has just released the data related to houses starts and building permits beating markets expectations, as economists at RBC
Read more Next
Start livechat