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  • EUR/JPY is starting the new week by consolidating the recent losses.
  • The level to beat for sellers is the 118.73 support.

EUR/JPY daily chart

EUR/JPY is consolidating near four-months lows while trading below its main daily simple moving averages (SMAs).

EUR/JPY four-hour chart

The spot remains under selling pressure below its main SMAs confirming the bearish bias in the medium term. Sellers are looking to extend losses towards the 118.73 level. A breakdown below the above-mentioned level could lead to a drop towards the 118.49 and 117.87 levels. However, the spot can also be vulnerable to a correction up where it could find resistance near the 119.23, 119.48 and 119.73 price levels, according to the Technical Confluences Indicator.    
Resistance: 119.23, 119.48, 119.73
Support: 118.73, 118.49, 117.87 

Additional key levels