EUR/JPY Price Analysis: Euro remains capped by 118.75 vs. Japanese yen

 

 

EUR/JPY is consolidating the recent bear leg while rebounding from near 2020 lows as the spot is trading below the main SMAs (simple moving averages) on the daily chart suggesting an overall negative momentum in the currency cross.

 

 

Euro/Yen challenged the 118.75 resistance and the 200 SMA on the four-hour chart as bulls are looking for an extension up to the 119.50 and 120.00 hanlde. However, considering the overall negative bias, it still remains to be seen if the quote can overcome 119.75 hurdle. On the flip side, bears will keep targetting 118.00 and 117.50 price levels to the downside.