FxWirePro: EUR/JPY Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bias Bearish

GMMA Indicator

- Shows strong bearish bias on near and long term moving averages on daily and intraday charts

Ichimoku Analysis

- Price action well below the daily cloud, Chikou span is biased lower

- The pair is extending break into the weekly cloud

Oscillators

- Stochs and RSI show strong bearish momentum

- RSI is well below the 50 mark and shows strength in the current downtrend

Bollinger Bands

- Bollinger bands are spread wide apart and are showing signs of further widening

- Volatility is hence high and rising, likely to add fuel to the downside momentum

Major Support Levels: 127.93 (trendline support), 127.15 (110-week EMA)

Major Resistance Levels: 128.63 (5-DMA), 128.84 (55-week EMA)

Summary: EUR/JPY has paused downside at major trendline support at 127.93. Decisive break below is required for downside continuation.