EUR/JPY Price Analysis: Euro kicks off 2020 with a drop to two-week lows near 121.00 handle

EUR/JPY retracement down is extending as 2020 is starting.
The level to beat for bears is the 121.00 figure.

Flavio Tosti Independent Analyst

EUR/JPY weekly chart

EUR/JPY is trading in a bear flag wile below the main weekly simple moving averages. The market is currently rejecting the 124.00 handle.

EUR/JPY daily chart

EUR/JPY is forming a head-and-shoulders top while trading above the main daily simple moving average (DMAs) and the 121.00 handle.

EUR/JPY four-hour chart

The bears are challenging the 121.00 handle and the 200-SMA on the four-hour chart. A break below the mentioned level can attract further selling interest towards 120.86, 120.61 and the 120.23/119.90 price zone. Resistance is seen at the 121.42/68 price zone and 122.12 level, according to the Technical Confluences Indicator.

Additional key levels

EUR/JPY

Overview
Today last price	121.21
Today Daily Change	-0.77
Today Daily Change %	-0.63
Today daily open	121.98

Trends
Daily SMA20	121.43
Daily SMA50	120.83
Daily SMA100	119.65
Daily SMA200	121.11

Levels
Previous Daily High	122.43
Previous Daily Low	121.3
Previous Weekly High	124.2
Previous Weekly Low	121.03
Previous Monthly High	124.2
Previous Monthly Low	119.98
Daily Fibonacci 38.2%	122
Daily Fibonacci 61.8%	121.73
Daily Pivot Point S1	121.38
Daily Pivot Point S2	120.77
Daily Pivot Point S3	120.25
Daily Pivot Point R1	122.51
Daily Pivot Point R2	123.03
Daily Pivot Point R3	123.64

Author

Flavio Tosti

Independent Analyst

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