EUR/JPY Price Analysis: Euro sidelined vs. yen above 120.00 figure

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  • EUR/JPY consolidates near the 120.00 figure.
  • The level to beat for buyers is the 120.32/57 resistance zone.
 

EUR/JPY daily chart

 
EUR/JPY reversed up sharply from four-month lows while trading just below the main daily simple moving averages (SMAs).
 

EUR/JPY four-hour chart

 
EUR/JPY is in consolidation mode above the 50 and 100 SMAs on the four-hour chart. The market seems well-supported in the 119.00/120.00 zone and bulls would gather momentum on a break above the 120.32/57 resistance zone, according to the Technical Confluences Indicator.    
 
 
Resistance: 120.32, 120.57, 121.00
Support: 119.82, 119.44, 119.07 
 

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