Home EUR/JPY Technical Analysis: Upside remains capped by the proximity of the 120.00 mark

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EUR/JPY Technical Analysis: Upside remains capped by the proximity of the 120.00 mark

FX Street

Published date: 8 Aug. 2019 | 10:32

EUR/JPY is trading without a clear direction so far on Thursday amidst a broad-based sideline price action in the global markets.
While below the immediate resistance line, today ay 120.76, the negative stance remains unchanged. This hurdle is also reinforced by the proximity of the 21-day SMA at 120.46.
On the upside, the interim hurdle emerges at weekly highs near 119.90, while a surpass of the 55-day SMA at 121.41 should mitigate the downside pressure somewhat. This area of resistance is also reinforced by late July peaks.

EUR/JPY daily chart

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