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EUR/JPY Price Analysis: Euro’s bear trend remains intact vs Japanse yen

  • EUR/JPY is consolidating the bear leg to 2020 lows. 
  • EUR/JPY remains sidelined on Thursday below the 118.75 level.  
 

EUR/JPY daily chart

 
EUR/JPY consolidates the bear leg to the 2020 lows as the quote is trading below its main SMAs (simple moving averages) on the daily chart suggesting an overall bearish momentum in the currency cross.
 

EUR/JPY four-hour chart

 
EUR/JPY challenged the 118.75 resistance and the 200 SMA yet again as buyers are trying to generate a bullish extension to the 119.50 level and 120.00 hanlde. However, given the overall downward bias, it is still unclear if the quote can overcome the 119.75 hurdle. On the flip side, bears will keep the pressure on while targetting the 118.00 and 117.50 price levels to the downside. 
 

Additional key levels

 

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