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FxWirePro: EUR/JPY Daily Outlook

Chart - Courtesy Trading View 

EUR/JPY was trading 0.80% lower on the day at 138.32 at around 10:00 GMT. The pair has broken below 50-DMA and 23.6% Fib, further weakness on cards. 

Technical Analysis:

- MACD and ADX support downside

- Momentum is bearish and volatility is high

- GMMA indicator shows minor trend has turned bearish

- Price action is below 200H MA, has slipped below 23.6% Fib

Major Support Levels: 

S1: 136.66 (38.2% Fib)

S2: 136.56 (110-EMA)

Major Resistance Levels: 

R1: 139.02 (55-EMA)

R2: 140.94 (21-EMA)

Summary: EUR/JPY trades with a bearish bias, the pair is on track to test 38.2% Fib at 136.66.
 

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