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5 Nov 2019
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.
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