EUR/JPY Price Analysis: Euro stays capped below the 118.75 resistance

 

 

EUR/JPY is consolidating the bear leg to the 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.

 

 

 

EUR/JPY is challenging the 118.75 resistance and the 200 SMA once again as the spot is trying to create a bullish extension to the 119.50 level and 120.00 figure. However, as the predominant trend remains bearish, it remains to be seen if EUR/JPY can overcome the 119.75 resistance. In fact, bears will likely keep the pressure on while eyeing the 118.00 and 117.50 price levels to the downside.