EUR/JPY London Price Forecast: Euro vulnerable below 122.10 level vs. yen

EUR/JPY wedge pattern can lead to further losses.
The level to beat for bears is the 122.10 support.

Flavio Tosti Independent Analyst

EUR/JPY daily chart

After Friday’s bearish candle, the spot is starting the week near its lowest in the last four trading sessions just above the 122.00 level.

EUR/JPY four-hour chart

The spot broke a wedge formation to the downside while challenging the 122.10 support and the 50-period simple moving average (SMA) on the four-hour chart. In the event bulls fail to regain the 122.42 resistance, the market is set to trade sideways to down, with a potential bearish break below the 122.10 which can lead to 121.78 and 121.28 levels, according to the Technical Confluences Indicator.

Additional key level

EUR/JPY

Overview
Today last price	122.18
Today Daily Change	-0.01
Today Daily Change %	-0.01
Today daily open	122.19

Trends
Daily SMA20	121.75
Daily SMA50	121.07
Daily SMA100	120.14
Daily SMA200	120.9

Levels
Previous Daily High	122.84
Previous Daily Low	122.12
Previous Weekly High	122.88
Previous Weekly Low	121.76
Previous Monthly High	124.2
Previous Monthly Low	119.98
Daily Fibonacci 38.2%	122.4
Daily Fibonacci 61.8%	122.57
Daily Pivot Point S1	121.93
Daily Pivot Point S2	121.67
Daily Pivot Point S3	121.21
Daily Pivot Point R1	122.65
Daily Pivot Point R2	123.1
Daily Pivot Point R3	123.37

Author

Flavio Tosti

Independent Analyst

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