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EUR/JPY Price Analysis: Euro trades in 8-day’s lows vs. Japanese yen

  • EUR/JPY is accelerating the downside as the market is back into the March’s range.
  • The level to beat for bears is the 118.00 support.
 

EUR/JPY daily chart

 
EUR/JPY is continuing to drop from the March’s highs while trading below the 119.00 handle and the main SMAs on the daily chart.
 

EUR/JPY four-hour chart

 
EUR/JPY broke below the 118.80 level and the main SMAs on the four-hour chart suggesting a negative bias in the medium term. The current bearish move is set to extend to the 118.00, 117.50 and potentially to the 116.90 levels if the sellers gather enough steam. Resistance can emerge near 118.80, 119.50 and 119.90 levels.
  

Additional key levels

 

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