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  • EUR/JPY bounces from near 2020 lows and challenges 118.75 resistance. 
  • The overall bias remains bearish for EUR/JPY.  
 

EUR/JPY daily chart

 
EUR/JPY is consolidating the recent bear while bouncing from near 2020 lows as the spot is trading below the main daily SMAs (simple moving averages) suggesting an overall bearish bias in the currency cross.
 

EUR/JPY four-hour chart

 
Euro/Yen is challenging the 118.75 resistance and the 200 SMA on the four-hour chart as bulls are looking for a continuation up to the 119.50 and 120.00 hanlde. However, given the overall bearish bias, it remains to be seen if the spot can overcome 119.75. On the flip side, sellers will keep their eyes on the 118.00 and 117.50 price levels to the downside. 
 

Additional key levels