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EUR/JPY Technical Analysis: Euro erases daily gains against yen, trades near 120.30 level

  • EUR/JPY is correcting the October bull run. 
  • The level to beat for sellers is the 120.15 level.
 
 

EUR/JPY daily chart

 
EUR/JPY is trading in a downtrend below the 200-day simple moving average (DMA). The market is currently correcting down after the October bull run as the price remains capped below the 121.00 handle.
 

EUR/JPY four-hour chart

 
 
On the four-hour chart, the market challenged the 120.64 resistance and the 100 SMA. If on Tuesday, the market is able to overcome the 120.64 level then a run towards the 121.11 resistance can be on the cards. 
 

EUR/JPY 30-minute chart

 
 
The spot reversed almost the entirety of the daily gains while the market trades below the 50 SMA. A break below 120.15 can lead to 119.80 on the way down, according to Technical Confluences Indicator. 
 

Additional key levels

 

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