Home EUR/JPY Price Action: Euro spiking down against yen, challenging 120.89 level
FXStreet News

EUR/JPY Price Action: Euro spiking down against yen, challenging 120.89 level

FX Street
Updated:
  • 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

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024