EUR/JPY Price Analysis: Euro vulnerable vs. yen, challenges the 122.00 figure

EUR/JPY wedge pattern is weakening the market.
The level to beat for bears is the 121.83 support.

Flavio Tosti Independent Analyst

EUR/JPY daily chart

Following Friday’s bearish bar, the spot is exhibiting weakness below the 122.00 level while trading above the main daily simple moving averages (SMAs).

EUR/JPY four-hour chart

The market broke from a rising wedge pattern while challenging the 121.83 support and nearing the 100-period simple moving average (SMA) on the four-hour chart. As the market is weakening the spot is set to trade sideways to down, with a potential bearish breakdown below the 121.83 level which can lead to 121.64 and 121.13 levels, according to the Technical Confluences Indicator. Resistances are seen near 122.21, 122.66 and 122.90.

Resistance 122.21, 122.66, 122.90

Support 121.83, 121.64, 121.13

Additional key level

EUR/JPY

Overview
Today last price	122.02
Today Daily Change	-0.24
Today Daily Change %	-0.20
Today daily open	122.26

Trends
Daily SMA20	121.79
Daily SMA50	121.11
Daily SMA100	120.19
Daily SMA200	120.88

Levels
Previous Daily High	122.32
Previous Daily Low	122.04
Previous Weekly High	122.88
Previous Weekly Low	121.76
Previous Monthly High	124.2
Previous Monthly Low	119.98
Daily Fibonacci 38.2%	122.21
Daily Fibonacci 61.8%	122.14
Daily Pivot Point S1	122.09
Daily Pivot Point S2	121.92
Daily Pivot Point S3	121.81
Daily Pivot Point R1	122.37
Daily Pivot Point R2	122.49
Daily Pivot Point R3	122.65

Author

Flavio Tosti

Independent Analyst

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