The EUR/JPY is trading sideways below the bearish trendline resistance of 120.400 as the fundamentals from European and Japanese economy remains mixed.
The currency markets and global equities were still unsure about the fate of the Phase-one Trade Deal because of the bills passed by the US Senate in support of Hong Kong protestors and against China on its human rights policies.
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The EUR/JPY continues trading sideways around 120.100, holding below the downward trendline resistance level of 120.450. The 50 periods EMA seems neutral as we can see many candles closing above and below this.
On the 240 minutes chart, the pair has closed several doji and spinning top patterns below 120.450 resistance area, which are suggesting selling bias in EUR/JPY. The bearish breakout 120.07 support can trigger sell-off until 119.400 level.
EUR/JPY - Trade Setup
Sell Limit 120.450
Take Profit 119.600
Stop Loss 120.75
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