EUR/JPY technical analysis: Euro easing from daily highs, trading near 120.70 level

EUR/JPY is erasing parts of the intraday advance.
The level to beat for bears is the 120.70 support.

Flavio Tosti Independent Analyst

EUR/JPY daily chart

EUR/JPY is trading in a bear trend below its 200-day simple moving average (DMA). However, in October the market had a bull rally to the 121.00 handle where the spot is now consolidating.

EUR/JPY four-hour chart

On the four-hour chart, the market is trading below its 100 and 200 SMAs, suggesting weakening a bullish bias in the medium term. The spot is trapped in a range and the bulls would need to overcome the 121.28 and 121.53 resistance on a daily closing basis to resume the bull rally.

EUR/JPY 30-minute chart

The market is easing from the daily highs now trading near the 120.70 level. The market has room to decline towards the 120.45 and 120.27 support levels in the short term. Further down lie the 119.80 level, according to the Technical Confluences Indicator.

Additional key levels

EUR/JPY

Overview
Today last price	120.68
Today Daily Change	0.09
Today Daily Change %	0.07
Today daily open	120.59

Trends
Daily SMA20	120.55
Daily SMA50	119.07
Daily SMA100	119.65
Daily SMA200	122.04

Levels
Previous Daily High	120.98
Previous Daily Low	120.46
Previous Weekly High	121.48
Previous Weekly Low	120.28
Previous Monthly High	121.48
Previous Monthly Low	117.07
Daily Fibonacci 38.2%	120.66
Daily Fibonacci 61.8%	120.78
Daily Pivot Point S1	120.38
Daily Pivot Point S2	120.17
Daily Pivot Point S3	119.87
Daily Pivot Point R1	120.89
Daily Pivot Point R2	121.19
Daily Pivot Point R3	121.4

Author

Flavio Tosti

Independent Analyst

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