- EUR/JPY bearish acceleration intensifies as the spot is nearing the March’s lows.
- The level to beat for bears is the 116.90 support.
EUR/JPY daily chart
EUR/JPY is dropping towards the March’s lows as the spot is trading below the main daily SMAs suggesting an overall bearish bias.
EUR/JPY four-hour chart
EUR/JPY broke below the 117.50 level which is now turning resistance as the market is trading below the main SMAS on the four-hour time frame. The bears are in control and a sustained break below the 116.90 support should lead to further weakness towards the 116.10 level and the 115.00 figure while resistance can emerge near the 117.50, 118.00 and 118.75 levels on the way up.
Additional key levels
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