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

 

 

EUR/JPY stays under heavy selling pressure below its main SMAs (simple moving averages) on the daily chart as the currency cross is approaching the 2020 low currently at the 116.12 level. 

 

 

EUR/JPY is weakening below its main SMAs on the four-hour time frame suggesting a bearish bias in the medium term. Bears are challenging the 116.90 support level and a successful break below it can introduce scope to further downward traction towards the 116.00 and 115.45 price levels. On the flip side, resistance can be seen near the 117.50 and 118.00 level near the 50 SMA.