EUR/JPY chart - Courtesy Trading View
Technical Analysis: Bias Bearish
- EUR/JPY extends range trade above 50-DMA support
- Long upper wicks on the daily candles suggests selling pressure at highs
- 5-DMA caps upside and is biased lower
- Momentum is bearish, Stochs and RSI are sharply lower
- MACD supports weakness, GMMA indicators shows near-term moving averages are biased lower
Support levels - 130.56 (50-DMA), 130.43 (200-DMA), 130.29 (38.2% Fib)
Resistance levels - 130.91 (5-DMA), 131.02 (50% Fib), 131.35 (21-EMA)
Summary: EUR/JPY trades with a bearish bias. Strong support seen till 130.30. Breach below will drag the pair lower. Bounce off 200-DMA negates any further bearishness.
