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EUR/JPY Price Analysis: Euro trading off fresh May’s highs vs. Japanese yen

  • EUR/JPY hit its highest since early March 2020 this Thursday. 
  • Support can be seen near the 118.00 price level. 
 

EUR/JPY four-hour chart

 
EUR/JPY is trading near the May’s highs above the main SMAs on the four chart suggesting a bullish bias. However, the market lost some steam on Thursday and it remains to be seen if the spot has some fuel left in the tank. The next resistance zone is seen near the 118.75/119.00 price levels followed by the 119.50 level. On the other hand, a daily break below the 118.00 figure can lead to an acceleration down towards lower levels. Immediate support is seen near the 117.25 and 117.00 levels. 
  
 
Resistance: 118.75, 119.00, 119.50
Support: 118.00, 117.25, 117.00
 

Additional key levels

 

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