EUR/JPY Price Analysis: Euro pops and retraces vs. Japanese yen, trades near 118.30 level

 

 

EUR/JPY is retracing from the May’s highs while trading above its main SMAs on the four-hour chart. However, the spot seems to be struggling to overcome the 118.75/119.00 resistance zone. As EUR/JPY stays fragile in an overall downward trend, a break below the 118.00 support level can yield weakness towards the 117.25/117.00 support zone. On the other hand, resistance can be seen near the 118.75, 119.00 and 119.51 price levels.