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11 Mar 2020

EUR/JPY Price Analysis: Euro sideways vs. yen, trades near 117.50 level

  • EUR/JPY is under selling pressure into the New York close.
  • The level to beat for bears is the 117.50 support.
 

EUR/JPY daily chart

 
EUR/JPY is trading below the main SMAs suggesting a bearish bias in the medium term. The spot is rebounding from the 2020 lows without much follow-through.
 

EUR/JPY four-hour chart

 
EUR/JPY remains under selling pressure below the main SMAs. Bears are trying to break below the 117.50 support as they eye the 117.00 and 116.00 figure to the downside. Conversely, the bulls would need to recapture the 119.00/119.50 resistance zone to aim towards the 121.00 level.
 

 

 

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