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  • EUR/JPY sideways consolidation is likely to lead to another bearish leg. 
  • The level to beat for bears is the 119.82 support.
 
 

EUR/JPY daily chart

 
EUR/JPY is consolidating the recent drop near two-month lows while below the 121.00 figure and the main simple moving averages (SMAs).
  

EUR/JPY four-hour chart

 
After the drop seen in mid-January, the market has entered a sideways consolidation below the main SMAs. There is no sign of a convincing bottom therefore, the spot could have another leg lower on a break of the 119.82 support. Further down lie the 119.44 and 119.00 levels, according to the Technical Confluences Indicator. Bullish attempts are expected to be faded below the 120.50 and 120.94 resistances.
 
   
 
 
Resistance: 120.07, 120.50, 120.94
Support: 119.82, 119.44, 119.00
 

Additional key levels