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7 Jan 2020
EUR/JPY Price Analysis: Euro losing steam against yen, trades below 121.00 handle
- EUR/JPY correction up seems to be losing steam.
- The level to beat for bears is the 120.62/47 price zone.
EUR/JPY daily chart
EUR/JPY created a head-and-shoulders pattern while currently trading just near the 121.00 handle and the 200-day simple moving average (SMA).
EUR/JPY four-hour chart
The bulls are having a hard time capitalizing on the recent reversal up. Ideally, they would need to have a daily close above the 121.62 resistance level to drive prices towards 122.12 and 122.63 levels. Bears are more likely to take control below the 120.62/47 price zone for a drop to 119.90, according to the Technical Confluences Indicator.
Additional key levels