EUR/JPY Price Analysis: Euro correction extends to mid-116.00s vs Japanese yen

 

 

EUR/JPY is trading in a bear trend below the 200 SMAs on the four-hour chart. However, the spot is bouncing up to the 116.50 resistance while trading above the 50/100 SMAs. Since the overall bias is bearish the sellers might try to come back soon with a potential break below the 116.00 level for a retest of the 116.00and 115.50 levels. On the flip side, resistance can emerge near 116.50 and 117.00 levels.