- EUR/JPY is under selling pressure this Friday.
- The level to beat for bears is the 120.27 support.
EUR/JPY daily chart
EUR/JPY is trading in a downtrend below the 200-day simple moving average (DMA). However, last month the cross had a bull rally to the 121.00 figure. The market entered a consolidation there.
EUR/JPY four-hour chart
On the four-hour chart, the market is trading below its 50 and 100 SMAs near the November lows, suggesting a slowdown in bullish momentum. The market is confined in a range and the buyers would need to overcome the 121.28 and 121.53 resistances on a daily basis to resume the bull run.
EUR/JPY 30-minute chart
The market is trading near the daily lows just above 120.27 support level. A break below the level can lead to a drop to the 119.80 level, according to the Technical Confluences Indicator. Resistance is seen at the 120.45 and 120.70 levels.