EUR/JPY Price Analysis: Euro eyeing the 2020 lows vs. Japanese yen

 

 

EUR/JPY remains under bearish pressure below its main SMAs (simple moving averages) on the daily chart as the currency cross is trading at a stone’s throw from the 2020 low currently located at the 116.12 level. 

 

 

EUR/JPY is trading below the main SMAs on the four-hour time frame suggesting a negative bias in the medium term. The spot is nearing the 116.50 support level and a daily close below it could lead to further weakness towards the 116.00 and 115.45 price levels. Conversely, resistance can be seen near the 117.00 and 117.50 levels.