EUR/JPY Price Analysis: Important resistance emerged at 118.50

• EUR/JPY’s recovery met a tough hurdle in the mid-118.00s.
• Immediately to the upside emerges the key barrier in the 119.00 area.

The upside momentum in EUR/JPY lost traction in the 118.50 region in the second half of the week on the back of renewed demand for the safe haven JPY.

The leg lower carries the potential to extend initially, to April’s lows in the 115.50 zone.

If this area is cleared, then there are no relevant support levels until the 2020 low in the mid-114.00s.

EUR/JPY daily chart