EUR/JPY Price Analysis: Euro trading on the defensive at fresh 2020 lows below 119.00 figure

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  • EUR/JPY remains vulnerable while trading near four-month lows.
  • The level to beat for bears is the 118.73 support.
 

EUR/JPY daily chart

 
EUR/JPY is trading near four-month lows while trading below the 119.00 level and the main daily simple moving averages (SMAs).
 

EUR/JPY four-hour chart

 
The quote is under heavy selling pressure below the main SMAs suggesting a bearish bias in the medium term. Bears are looking to extend losses below the 118.73 support. A breakdown below the above-mentioned level might lead to a continuation down towards the 118.49 and 117.87 levels. However, EUR/JPY can equally be vulnerable to a pullback up where it can 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 
 

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