EUR/JPY Price Analysis: Euro under pressure vs. Japanse yen, nearing 117.00 figure

 

 

EUR/JPY remains under heavy selling pressure below the main SMAs (simple moving averages) on the daily chart as the currency cross is nearing the 2020 low. 

 

 

EUR/JPY is drifting down below the main SMAs on the four-hour time frame suggesting a downward bias in the medium term. Sellers stay in control and a break below the 116.90 level can introduce scope to further losses towards the 116.00 and 15.45 price levels. On the flip side, resistance can be seen near the 117.50 and 118.00 level near the 50 SMA.