FxWirePro: EUR/JPY Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- EUR/JPY was trading 0.34% lower on the day at 137.48 at around 05:20 GMT

- The pair fails to extend gains above 55-EMA, slips lower to test daily cloud support

- Momentum indicators are biased lower, RSI is well below the 50 mark, Stochs show bearish bias

- MACD and ADX support downside in the pair, Chikou span is biased lower

- Price action is below 200H MA and GMMA indicator shows near-term bias has turned bearish

Major Support Levels: 

S1: 136.80 (21-week EMA)

S2: 136.67 (converged 110-EMA and 38.2% Fib)

Major Resistance Levels: 

R1: 138.08 (5-DMA)

R2: 138.88 (55-EMA)

Summary: EUR/JPY trades with a bearish bias. Scope for test of 136.67. Break above 55-EMA will change near-term dynamics.