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4 Mar 2020
EUR/JPY Price Analysis: Further consolidation not ruled out
- EUR/JPY has failed once again to surpass the 121.00 mark on Tuesday.
- Immediately to the upside emerges monthly peaks near 121.50.
EUR/JPY is trading within a tight range below the 120.00 barrier on Wednesday, all against the backdrop of a generalized side-lined mood in the global markets.
The key area remains the 120.30 level, where is located the 200-day SMA. Below it, the cross is expected to face increasing odds for a deeper retracement.
Against this backdrop, a move to the area of 2020 lows near 118.50 should not be ruled out in the short-term horizon.
EUR/JPY daily chart
