EUR/JPY Price Analysis: Euro trades off session highs, below 116.50 level

 

 

EUR/JPY is trading in a downtrend below the 200 SMAs on the four-hour chart. However, the spot is correcting up near the 116.50 resistance while holding above the 50/100 SMAs. Given that the underlying bias is down, the bears might try to generate an attack soon with a potential break below the 116.00 support en route towards the 115.50 level. On the flip side, resistance can emerge near 116.50 and the 117.00 levels.