EUR/JPY Price Analysis: Euro pops and retraces vs. Japanese yen, trades near 118.30 level

• EUR/JPY pops to fresh May’s highs and retraces down. 
• The level to beat for bears is 118.00 support. 

EUR/JPY four-hour chart

 
EUR/JPY is retracing from the May’s highs while trading above its main SMAs on the four-hour chart. However, the spot seems to be struggling to overcome the 118.75/119.00 resistance zone. As EUR/JPY stays fragile in an overall downward trend, a break below the 118.00 support level can yield weakness towards the 117.25/117.00 support zone. On the other hand, resistance can be seen near the 118.75, 119.00 and 119.51 price levels.  
 

 
Resistance: 118.75, 119.00, 119.51
Support: 118.00, 117.25, 117.00
 

Additional key levels

EUR/JPY