EUR/JPY Price Analysis: Euro at a stone’s throw from 2020 lows, trades near 117.00 vs Japanese yen

 

 

EUR/JPY is falling towards the 2020 lows as the quote is trading below its main daily SMAs suggesting an overall bearish momentum. 

 

 

EUR/JPY broke below the 117.50 level which turned resistance as the market is trading below the main SMAS on the four-hour time frame suggesting a negative bias in the medium term. Sellers are firmly in control are and a sustained breakdown below the 116.90 support should yield further losses towards the 116.10 level and the 115.50 levels while resistance can be expected near 117.50, 118.00 and 118.75 levels on the way up.