EUR/JPY Price Analysis: Euro off session highs, battles with 116.00 resistance vs. yen

 

 

EUR/JPY is trading in a bear trend below its main SMAs on the four-hour chart. However, the spot is having a reaction up and is challenging the 116.00 figure near the 100 SMA. Since the overall bias is down, this bounce is unlikely to go far with bears still looking for a retest of the 115.50 support followed by more down towards the 115.00 figure. On the flip side, strong resistance is expected near the 116.00 figure while further up lie the 116.50 level which is likely to act as resistance as well.