Chart - Courtesy Trading View
Technical Analysis: Bias Bearish
- EUR/JPY is extending weakness for the 3rd straight week
- Price action slips below the daily cloud
- Momentum studies are bearish, Stochs and RSI are sharply lower
- GMMA indicator shows minor trend is bearish while major trend is turning bearish
- Volatility is high and rising as evidenced by widening Bollinger bands
Support levels - 128.33 (Oct 6 low), 128 (Rising trendline), 127.45 (110-week EMA)
Resistance levels - 128.97 (55-week EMA), 129.20 (5-DMA), 129.82 (55-EMA)
Summary: EUR/JPY was trading with a bearish bias and break below cloud has reinforced downside in the pair. Bears eye 128 (trendline support). Break below to drag prices lower.
