EUR/JPY price analysis: Euro set to break below the 120.00 handle against yen

EUR/JPY is starting the week with a quiet consolidation just above the 120.00 handle.
The level to beat for bears is the 120.00 support level/round figure.

Flavio Tosti Independent Analyst

EUR/JPY daily chart

EUR/JPY is trading in a downtrend below the 200-day simple moving average (DMA). However, the spot has been in consolidation mode below the 121.00 handle in the last months of trading.

EUR/JPY four-hour chart

The spot is consolidating the recent losses just above the 120.00 support and below the main SMAs. As the market is weak, the bears will likely try to break below the 120.00 handle. If the breakdown is successful, the market is set to decline towards the 119.79 and potentially to the 119.47 level, according to the Technical Confluences Indicator.

EUR/JPY 30-minute chart

The cross is under selling pressure below the 100/200 SMAs on the 30-minute chart. Resistances are seen at the 120.41, 120.66 and 120.85 price levels.

Additional key levels

EUR/JPY

Overview
Today last price	120.14
Today Daily Change	0.06
Today Daily Change %	0.05
Today daily open	120.08

Trends
Daily SMA20	120.25
Daily SMA50	119.95
Daily SMA100	119.31
Daily SMA200	121.48

Levels
Previous Daily High	120.83
Previous Daily Low	120
Previous Weekly High	121.02
Previous Weekly Low	120
Previous Monthly High	121.31
Previous Monthly Low	119.24
Daily Fibonacci 38.2%	120.32
Daily Fibonacci 61.8%	120.51
Daily Pivot Point S1	119.77
Daily Pivot Point S2	119.47
Daily Pivot Point S3	118.94
Daily Pivot Point R1	120.6
Daily Pivot Point R2	121.13
Daily Pivot Point R3	121.43

Author

Flavio Tosti

Independent Analyst

EUR/USD recovers above 1.1600 as focus shifts to US data

EUR/USD stages a modest rebound and trades in positive territory above 1.1600 in the European session on Wednesday. Improving risk sentiment makes it difficult for the US Dollar to preserve its strength and helps the pair edge higher as focus shifts to key US data releases.

GBP/USD climbs above 1.3350 on improving risk mood

GBP/USD gains traction and advances toward 1.3400 on Wednesday. Although there are no headlines pointing to a de-escalation in the Middle East conflict, the modest recovery seen in US stock index futures limit the USD's gains and help the pair hold its ground.

Gold rebounds toward $5,200 as USD retreats

Gold maintains its offered tone through European session on Wednesday and climbs to the $5,200 region. The downward correction seen in the US Dollar and the ongoing crsis in the Middle East seem to be allowing XAU/USD to preserve its recovery momentum.

ADP Employment Report set to signal stronger February jobs growth, little effect on Fed outlook

The Automatic Data Processing (ADP) Research Institute will release its monthly report on private-sector job creation for February on Wednesday. The so-called ADP Employment Change report is expected to show that the United States private sector added 50K new positions in the month, following the 22K gained in January.

Asian stocks fall as South Korea’s KOSPI slumps over 10%

Asian equities drop on Middle East tensions; the MSCI Asia Pacific Index falls up to 4%. South Korea’s KOSPI fell 10.71% near 5,170, with the Korean Won weakened past 1,500 per dollar.

Solana Price Forecast: SOL consolidation near resistance as ETF inflows offer mild support

Solana price is facing slight rejection as it approaches the upper boundary of the consolidation range at around $88 on Wednesday. Institutional demand is strengthening as spot Exchange Traded Funds recorded two consecutive inflows so far this week.