EUR/JPY Price Analysis: Euro hits 5-week highs, challenges 118.00 level

 

 

EUR/JPY is challenging the May’s highs near the 117.90 resistance while the market is trading above the main SMAs on the four-hour chart. It is unclear if the bullish bounce is sustainable since the overall trend is down. A consolidation appears likely in the medium term. Resistances can be seen near the 117.90 and the 118.70 levels initially. On the other hand, support is seen near the 117.00 and 116.50 levels.