EUR/JPY Price Analysis: Euro trading just below the 117.00 figure vs. Japanese yen

 

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

 

 

EUR/JPY is trading below its main SMAs on the four-hour time frame suggesting a bearish bias in the medium term. The quote is trading just above the 116.90 support level and a break below it could lead 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 levels.