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  • EUR/JPY is under heavy selling pressure while trading near weekly/monthly lows.
  • The level to beat for sellers is the 120.65 support.

EUR/JPY daily chart

The market is continuing to weaken from January’s tops trading below the 121.00 figure while holding above the main daily simple moving averages (SMAs).  

EUR/JPY four-hour chart

The spot is challenging the 120.90 support while below the main simple moving averages (SMAs) on the four-hour chart. As EUR/JPY is under selling pressure the spot is set to keep depreciating towards the 120.65 and 120.30 levels, according to the Technical Confluences Indicator. Resistances are seen near 121.28 and 121.70 levels.

Additional key level