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8 Jan 2020
EUR/JPY Price Analysis: Euro eying a break above the 121.62 resistance vs. yen
- EUR/JPY correction up is back in play above the 121.11 support.
- The level to beat for bulls is the 121.62 resistance.
EUR/JPY daily chart
EUR/JPY formed a head-and-shoulders pattern while trading just above the 121.00 handle and the 200-day simple moving average (SMA).
EUR/JPY four-hour chart
The market is trying to form a base above the 120.00 handle . However, the spot would need a clear break above the trendline and the 121.62 resistance. Further up lie the 122.12 and 122.63 resistances. Support is seen near 121.11, 120.73, 120.40 and the 120.00 handle, according to the Technical Confluences Indicator.
Additional key levels