EUR/JPY Price Analysis: Euro correcting up against yen, trading near 120.60 level

 

 

EUR/JPY is challenging the 200-day simple moving average (SMA) while consolidating the recent drop. 

  

 

EUR/JPY is correcting to the upside after the drop seen in January. The correction up could extend to the 120.85/95 resistance zone and the 121.25 level. Bears will try to limit the recovery by trying to drive the price below the 120.51 support. Further down lie the 120.26 and 119.80 levels, according to the Technical Confluences Indicator.