EUR/JPY technical analysis: U-Turn drives Euro below 121.00 handle against Yen

EUR/JPY has a sharp reversal down move this Tuesday.
More weakness is expected below the 120.85 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 October the market rose sharply and is now hanging in a range near the 121.00 handle.

EUR/JPY four-hour chart

On the four-hour chart, the spot is trading above its100 and 200 SMAs, suggesting bullish momentum in the medium term. However, the market is trapped in a range and the bulls would need to overcome the 121.20 and 121.50 resistance on a daily basis in order to resume the bulls trend.

EUR/JPY 30-minute chart

The market had a sharp reversal down this Tuesday. EUR/JPY is under pressure below the 120.85 resistance and the main SMAs. Further weakness can be expected towards the 120.45 and 120.10 levels.

Additional key levels

EUR/JPY

Overview
Today last price	120.78
Today Daily Change	-0.08
Today Daily Change %	-0.07
Today daily open	120.86

Trends
Daily SMA20	120.24
Daily SMA50	118.94
Daily SMA100	119.66
Daily SMA200	122.08

Levels
Previous Daily High	121.11
Previous Daily Low	120.76
Previous Weekly High	121.48
Previous Weekly Low	120.28
Previous Monthly High	121.48
Previous Monthly Low	117.07
Daily Fibonacci 38.2%	120.89
Daily Fibonacci 61.8%	120.98
Daily Pivot Point S1	120.71
Daily Pivot Point S2	120.56
Daily Pivot Point S3	120.36
Daily Pivot Point R1	121.06
Daily Pivot Point R2	121.26
Daily Pivot Point R3	121.41

Author

Flavio Tosti

Independent Analyst

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