The EUR/JPY has formed a bearish setup, but the lack of safe-haven appeal is keeping the pair on hold. Earlier today, the report came to from the White House spokesman that the White House is very confident that trade deal with China will be reached on positive outcome soon.
The Japanese cross EUR/JPY is trading at 120.720 with a bearish bias under a strong resistance level of 121. The 50 periods EMA is extending it a substantial resistance at 120.960.
Besides that, the EUR/JPY is holding around 120.700, while the MACD and RSI are almost neutral. It's mostly because traders seem confused between weaker JPY and the weaker Euro.
On the 4-hour chart, the EUR/JPY pair has also closed Doji patterns followed by a bullish trend, and it's keeping the EUR/JPY prices weaker today. On the lower side, the pair may find support around 120.400 and 120.250.
EUR/JPY Trade Setup
Sell Below 120.800
Take Profit 120.250
Stop Loss 121.100
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