EUR/JPY New York Price Forecast: Euro bounces from 2020 lows, challenges 119.50 level

 

 

EUR/JPY is bouncing from four-month lows while trading above the 119.00 level and below the main daily simple moving averages (SMAs).

 

 

The quote rebounded from the 2020 lows and is now challenging the 119.50 resistance and the 50 SMA on the four-hour chart. Bulls had quite a reversal and the pullback up could accelerate if it finds acceptance above the 119.50 resistance level. A retracement down could find support near the 119.00 and 118.51 support, according to the Technical Confluences Indicator.