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6 Dec 2019
EUR/JPY price analysis: Euro drops against yen, trades near 120.00 handle
- EUR/JPY dived on Friday, breaking below the 120.56 support level.
- The level to beat for sellers is the 119.95 support.
EUR/JPY daily chart
EUR/JPY is trading in a bear trend below the 200-day simple moving average (DMA). However, the spot has been correcting below the 121.00 handle in the last weeks of trading.
EUR/JPY four-hour chart
As discussed yesterday, the spot dropped to the 120.06 price level. As bears are in control, next week, if the spot break below 119.95, it could continue to decline towards 119.70 and 119.27, according to the Technical Confluences Indicator.
EUR/JPY 30-minute chart
The cross is under pressure below its main SMAs on the 30-minute chart. Resistances are seen at the 120.39 and 120.60 level.
Additional key levels