EUR/JPY Technical Analysis: Top forming near 121.00 handle

EUR/JPY might be trading at a crossroad near the 121.00 handle.
The level to beat for bears is the 120.45 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, the spot has been in correction mode below the 121.00 handle in the last months of trading.

EUR/JPY four-hour chart

The market is rejecting the 120.80 resistance while trading above the main SMAs. However, the lack of bullish enthusiasm near this key level suggests that the market might be at a crossroad. If the sellers launch an attack and break 120.45 support, the market is likely to revisit the 120.00 handle and 119.70 level in the medium term, according to the Technical Confluences Indicator.

EUR/JPY 30-minute chart

The cross is trading above the 100 and 200 SMAs, suggesting a bullish momentum in the near term. However, bulls will need to drive the market above the 121.08 level on a daily basis to reach 121.33 resistance, according to Technical Confluences Indicator.

Additional key levels

EUR/JPY

Overview
Today last price	120.72
Today Daily Change	0.14
Today Daily Change %	0.12
Today daily open	120.58

Trends
Daily SMA20	120.29
Daily SMA50	119.7
Daily SMA100	119.34
Daily SMA200	121.62

Levels
Previous Daily High	120.77
Previous Daily Low	120.4
Previous Weekly High	120.77
Previous Weekly Low	119.68
Previous Monthly High	121.31
Previous Monthly Low	119.24
Daily Fibonacci 38.2%	120.63
Daily Fibonacci 61.8%	120.54
Daily Pivot Point S1	120.4
Daily Pivot Point S2	120.22
Daily Pivot Point S3	120.03
Daily Pivot Point R1	120.77
Daily Pivot Point R2	120.95
Daily Pivot Point R3	121.14

Author

Flavio Tosti

Independent Analyst

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