EUR/JPY Technical Analysis: The top is confirmed below the 121.00 handle

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  • EUR/JPY rejected the 121.00 handle as the yen is gaining strength.
  • The level to beat for sellers is the 120.30 support. 
 

EUR/JPY daily chart

 
EUR/JPY is trading in a downtrend below the 200-day simple moving average (DMA). However, the spot has been in consolidation below the 121.00 handle in the last weeks of trading. 
 

EUR/JPY four-hour chart

 
As discussed yesterday, the market rejected the 120.80 resistance. A break below the 120.30 support can lead to further weakness towards the 120.00 figure and the 119.70 levels in the medium term, according to the Technical Confluences Indicator. 
 

 

EUR/JPY 30-minute chart

 
The cross is trading below main SMAs, suggesting a bearish momentum in the near term. Resistance is seen at the 120.45 and 120.80 price levels, according to Technical Confluences Indicator.
 

Additional key levels

 

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