EUR/JPY Price Action: Euro spiking down against yen, challenging 120.89 level

EUR/JPY is under heavy selling pressure below the 121.27 resistance.
The level to beat for bears is the 120.64 support.

Flavio Tosti Independent Analyst

EUR/JPY daily chart

The market is pulling back down from January’s tops trading below the 122.00 level while holding above the 100 and 200-day simple moving averages (SMAs).

EUR/JPY four-hour chart

The spot is spiking down while breaking below the 120.89 support. As the market is under heavy selling pressure the bears could drive the market further down towards the 120.64 and 120.30 support levels, according to the Technical Confluences Indicator. Resistances are seen near the 121.27 and 121.70 levels.

Additional key level

EUR/JPY

Overview
Today last price	120.92
Today Daily Change	-0.95
Today Daily Change %	-0.78
Today daily open	121.87

Trends
Daily SMA20	121.84
Daily SMA50	121.19
Daily SMA100	120.29
Daily SMA200	120.83

Levels
Previous Daily High	122.02
Previous Daily Low	121.62
Previous Weekly High	122.88
Previous Weekly Low	121.76
Previous Monthly High	124.2
Previous Monthly Low	119.98
Daily Fibonacci 38.2%	121.86
Daily Fibonacci 61.8%	121.77
Daily Pivot Point S1	121.65
Daily Pivot Point S2	121.43
Daily Pivot Point S3	121.25
Daily Pivot Point R1	122.05
Daily Pivot Point R2	122.23
Daily Pivot Point R3	122.45

Author

Flavio Tosti

Independent Analyst

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