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  • EUR/JPY is under strong selling pressure while trading at fresh 2020 lows.
  • The level to beat for sellers is the 119.90 support.

EUR/JPY daily chart

The market is continuing its drop from January’s tops trading now at fresh 1.5-month low nearing the 120.00 figure while trading below the main daily simple moving averages (SMAs).  

EUR/JPY four-hour chart

The market is challenging the 119.90 support while trading below its main simple moving averages (SMAs) on the four-hour chart. As EUR/JPY is under heaving bearish pressure the spot is set to keep declining towards the 119.65 and 119.40 levels, according to the Technical Confluences Indicator. Resistances are seen near 120.40, 120.82 and 121.15 levels.

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