EUR/JPY Price Analysis: At a key support area around 119.50

• EUR/JPY depreciates 3.5% over the last two weeks to reach lows at 119.50.
• The confluence of the 200-day SMA and  Fibonacci retracement level might offer support to the euro.

The euro has traded lower against the Japanese yen for the second consecutive week, extending its reversal from 124.43 highs in early June to hit day lows at 119.48 right where the 200-day SMA meets the 50% Fibonacci retracement of the May-June rally. The euro might attempt to set a base here after a nearly 3.5% decline over the last two weeks.

On the downside, a clear break of the 119.48 level might lead the pair to seek support at 118.85 (May 29 low and the 200 SMA in 4-hour charts) before 118.50 (May 21 high).

Alternatively, a bullish attempt might find resistance at 120.30 (June 12 low) on the way to 121.23 (Jun 17 high) and 122.00 (Jun 16 high).

EUR/JPY daily chart

EUR/JPY key levels to watch