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    EUR/JPY: bearish towards 120.20/40 price zone - FXStreetRoss J Burland

    Valeria Bednarik, chief analyst at FXStreet noted that the EUR/JPY pair fell down to 121.32, but trimmed all of its daily losses ahead of the US close, to end the day pretty much flat below the 122.00 figure.Key Quotes:"The Japanese yen has traded generally higher against all of its major rivals, underpinned by an upward revision of Q1 GDP figures, up to 0.5% from previous 0.4%. The risk is towards the downside, although the ongoing lack of directional strength leaves technical readings for the most neutral. Nevertheless and in the 1 hour chart, the price is moving back and forth around a bearish 100 SMA, whilst the technical indicators are stuck around their mid-lines.""In the 4 hours chart, the 100 and 200 SMAs keep heading lower above the current level, whilst the technical indicators are posting modest bounces from their mid-lines, but remain below recent lows, with no momentum. A break below 121.30 is now required to confirm additional declines towards the 120.20/40 price zone."


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