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  • EUR/JPY is under heavy selling pressure below the 121.27 resistance.
  • The level to beat for bears is the 120.64 support.
 
 

EUR/JPY daily chart

 
The market is pulling back down from January’s tops trading below the 122.00 level while holding above the 100 and 200-day simple moving averages (SMAs).  
 

EUR/JPY four-hour chart

 
The spot is spiking down while breaking below the 120.89 support. As the market is under heavy selling pressure the bears could drive the market further down towards the 120.64 and 120.30 support levels, according to the Technical Confluences Indicator. Resistances are seen near the 121.27 and 121.70 levels. 
   

Additional key level