Chart - Courtesy Trading View
Technical Analysis:
- EUR/JPY was trading 0.76% lower on the day at 134.00 at around 06:35 GMT
- The pair has broken below 50% Fib retracement and is on track to test 200-DMA support
- Momentum is strongly bearish and volatility is high and rising
- GMMA indicator shows major and minor trend are bearish
- Price action is well below cloud and Chikou span is biased lower
Support levels:
S1: 133.69 (200-DMA)
S2: 131.98 (61.8% Fib)
Resistance levels:
R1: 134.33 (50% Fib)
R2: 136.26 (5-DMA)
Summary: EUR/JPY trades with a bearish bias. The pair is on track to test 200-DMA support. Decisive break below will plummet the pair lower. Next major support lies at 61.8% Fib at 131.98.
