EUR/JPY technical analysis: Euro trading at weekly lows against Yen near 120.55 level

EUR/JPY is under pressure below the 120.85 resistance, this Wednesday.
The level to beat for sellers is the 120.45 support.

Flavio Tosti Independent Analyst

EUR/JPY daily chart

EUR/JPY is trading in a downtrend below the 200-day simple moving average (DMA). However, in last month the spot had a bull run to the 121.00 handle where the market is now consolidating.

EUR/JPY four-hour chart

On the four-hour chart, the spot is trading below its 100 and 200 SMAs, suggesting weakening bullish momentum in the medium term. The market remains trapped in a range and the buyers would need to overcome the 121.20 and 121.50 resistance on a daily basis to resume the uptrend.

EUR/JPY 30-minute chart

Following the sharp reversal down on Tuesday, EUR/JPY is under pressure below the 120.85 resistance and the main SMAs this Wednesday. A break below 120.45 can expose the 120.10 support level, according to the Technical Confluences Indicators.

Additional key levels

EUR/JPY

Overview
Today last price	120.56
Today Daily Change	-0.32
Today Daily Change %	-0.26
Today daily open	120.88

Trends
Daily SMA20	120.42
Daily SMA50	119.01
Daily SMA100	119.65
Daily SMA200	122.06

Levels
Previous Daily High	121.31
Previous Daily Low	120.69
Previous Weekly High	121.48
Previous Weekly Low	120.28
Previous Monthly High	121.48
Previous Monthly Low	117.07
Daily Fibonacci 38.2%	121.07
Daily Fibonacci 61.8%	120.93
Daily Pivot Point S1	120.61
Daily Pivot Point S2	120.34
Daily Pivot Point S3	119.99
Daily Pivot Point R1	121.23
Daily Pivot Point R2	121.58
Daily Pivot Point R3	121.84

Author

Flavio Tosti

Independent Analyst

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