EUR/JPY Price Analysis: Hovering near trendline support at 120.30

• EUR/JPY recovery attempt has lost steam near 122.00 and the pair retreated again to the mid-range of 120.00.
• The euro is dangerously approaching the trendline support from early-May lows at 120.30 area.

Euro rebound from 10-day lows at 120.25 area earlier today has lost steam on the vicinity of 122.00 and the pair has pulled back again, with risk appetite faltering on Friday’s US trading session, returning to the mid-range of 120.00. The pair is looking heavy again approaching the upward trending support line from early May lows, now around 120.30

A daily close below the mentioned trendline might increase negative pressure on the euro, and set the pair aiming to the 50% Fibonacci retracement of the May-June rally before testing early May highs at 119.00.

On the upside, immediate resistance lies at 121.80 (intra-day high) above here, 122.50.60 (Jun 9 high, Intra-day high) before June highs at 124.40.

EUR/JPY daily chart

EUR/JPY key levels to watch