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  • EUR/JPY retracement down is extending as 2020 is starting. 
  • The level to beat for bears is the 121.00 figure. 

EUR/JPY weekly chart

EUR/JPY is trading in a bear flag wile below the main weekly simple moving averages. The market is currently rejecting the 124.00 handle. 

EUR/JPY daily chart

EUR/JPY is forming a head-and-shoulders top while trading above the main daily simple moving average (DMAs) and the 121.00 handle.

EUR/JPY four-hour chart

The bears are challenging the 121.00 handle and the 200-SMA on the four-hour chart. A break below the mentioned level can attract further selling interest towards 120.86, 120.61 and the 120.23/119.90 price zone. Resistance is seen at the 121.42/68 price zone and 122.12 level, according to the Technical Confluences Indicator. 

Additional key levels