EUR/JPY Technical Analysis: Top forming near 121.00 handle

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  • EUR/JPY might be trading at a crossroad near the 121.00 handle.
  • The level to beat for bears is the 120.45 support. 

EUR/JPY daily chart

EUR/JPY is trading in a bear trend below its 200-day simple moving average (DMA). However, the spot has been in correction mode below the 121.00 handle in the last months of trading. 

EUR/JPY four-hour chart

The market is rejecting the 120.80 resistance while trading above the main SMAs. However, the lack of bullish enthusiasm near this key level suggests that the market might be at a crossroad. If the sellers launch an attack and break 120.45 support, the market is likely to revisit the 120.00 handle and 119.70 level in the medium term, according to the Technical Confluences Indicator

EUR/JPY 30-minute chart

The cross is trading above the 100 and 200 SMAs, suggesting a bullish momentum in the near term. However, bulls will need to drive the market above the 121.08 level on a daily basis to reach 121.33 resistance, according to Technical Confluences Indicator.

Additional key levels

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