16 Dec 2019
EUR/JPY Price Analysis: Euro corrects from multi-month highs against yen
- EUR/JPY is consolidating after spiking to its highest level since July 2019 last week.
- Resistance is seen at the 122.45 price level.
EUR/JPY daily chart
EUR/JPY is spiking to the upside above the 122.00 handle and the 200-day simple moving average (DMA). Bulls are attempting to reverse the bear trend into a bullish one.
EUR/JPY four-hour chart
After the sharp pullback down, the market is creeping back up. However, the buyers will need to overcome the 122.45 resistance in order to create new highs and trade towards the 122.85 and 123.41 price levels, according to the Technical Confluences Indicator. On the flip side, a bearish break below the 121.50 level could lead to a deeper pullback towards the 121.05 and 120.55 levels.
Additional key levels