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EUR/JPY Asia Price Forecast: Euro bouncing from multi-week lows vs. yen

  • EUR/JPY correction up can be likely in the medium term. 
  • Resistance is seen near the 119.95 price level. 
 

EUR/JPY daily chart

 
EUR/JPY is trading near three months lows while under the main daily simple moving averages (SMAs).
 

EUR/JPY four-hour chart

 
EUR/JPY rebounded from multi-week lows, however, the retracement is up is not going very far for the time being. Bulls should overcome the 119.95 resistance followed by the 120.20 and 120.50 levels. On the flip side, bears want to resume the bear trend and break below the 119.58 support to reach the 119.20 and 118.90 levels, according to the Technical Confluences Indicator. 
 
 
 
Resistance: 119.95, 120.20, 120.50
Support: 119.58, 119.20, 118.90
 

Additional key levels

 

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