- EUR/JPY retracement is deepening below the 122.04 resistance
- The level to beat for bears is the 121.53 support.
EUR/JPY daily chart
EUR/JPY is consolidating after spiking to its highest level since July 2019 last week. The market is trading below the 122.00 handle while above the main daily simple moving average (DMAs).
EUR/JPY four-hour chart
The bears are gaining ground while challenging the 121.53 support. A break below it can yield further weakness towards the 121.02 and 120.58 levels. The best bulls might expect is a retest of the 122.04 level. However, a daily close above it could yield a potential run to the 122.54 resistance, according to the Technical Confluences Indicator.
Additional key levels
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