11 Nov 2019
EUR/JPY technical analysis: Euro easing from daily highs, trading sub-120.45 level
- EUR/JPY is losing steam nearing the 120.00 handle.
- The level to beat for bears is the 120.15 support.
EUR/JPY daily chart
EUR/JPY is trading in a bear trend below its 200-day simple moving average (DMA). However, in October the cross had a bull run to the 121.00 figure. The market has entered a consolidation since then.
EUR/JPY four-hour chart
On the four-hour chart, the spot is losing some steam below its 50 and 100 SMAs. A break below 120.15 can drive the cross towards 119.80 in the medium term.
EUR/JPY 30-minute chart
The market is trading below downward sloping 100/200 SMAs, suggesting a bearish bias in the near term. Resistances are seen at the 120.45, 120.65 and 120.90 levels, according to the Technical Confluences Indicator.
Additional key levels