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9 Dec 2019
EUR/JPY price analysis: Euro set to break below the 120.00 handle against yen
- EUR/JPY is starting the week with a quiet consolidation just above the 120.00 handle.
- The level to beat for bears is the 120.00 support level/round figure.
EUR/JPY daily chart
EUR/JPY is trading in a downtrend below the 200-day simple moving average (DMA). However, the spot has been in consolidation mode below the 121.00 handle in the last months of trading.
EUR/JPY four-hour chart
The spot is consolidating the recent losses just above the 120.00 support and below the main SMAs. As the market is weak, the bears will likely try to break below the 120.00 handle. If the breakdown is successful, the market is set to decline towards the 119.79 and potentially to the 119.47 level, according to the Technical Confluences Indicator.
EUR/JPY 30-minute chart
The cross is under selling pressure below the 100/200 SMAs on the 30-minute chart. Resistances are seen at the 120.41, 120.66 and 120.85 price levels.
Additional key levels