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27 Nov 2019
EUR/JPY Technical Analysis: Euro challenging 120.43 key resistance against yen
- EUR/JPY is climbing to weekly highs against the Japanese currency.
- The level to beat for bulls is the 120.43 price level.
EUR/JPY daily chart
EUR/JPY is trading in a bear trend below its 200-day simple moving average (DMA). The spot is correcting the October rally as the market remains capped by the 121.00 figure.
EUR/JPY four-hour chart
The market is testing the 120.43 resistance level and the 200 SMA on the four-hour chart. This is likely a critical resistance and if the bulls can overcome it, the market is set to breakout to the upside. The next main resistances on the way up are seen at the 120.81 and 121.18 price levels, according to Technical Confluences Indicator.
EUR/JPY 30-minute chart
The cross is climbing above its main SMAs, suggesting a bullish bias in the near term. Support is seen at the 120.06 and 119.70 price levels, according to Technical Confluences Indicator.
Additional key levels