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5 Dec 2019
EUR/JPY price analysis: Euro erases daily gains against yen, trades near 120.70 level
- EUR/JPY remains capped below the 120.83 resistance.
- The level to beat for bears is the 120.56 support.
EUR/JPY daily chart
EUR/JPY is trading in a downtrend below the 200-day simple moving average (DMA). However, the market has been trapped in a consolidation below the 121.00 handle in the last weeks of trading.
EUR/JPY four-hour chart
Once again, the bulls were hopeful for a break above the 120.83 resistance but found not acceptance. As the underlying tone remains bearish, the odds are that the spot will break below the 120.56 support level and drop towards the 120.39 and 120.06 price levels, according to Technical Confluences Indicator.
EUR/JPY 30-minute chart
The cross erased most of the daily gains. A daily close above the 120.83/121.00 resistance zone would likely flip the market to bullish.
Additional key levels