Chart - Courtesy Trading View
Technical Analysis:
- EUR/JPY was trading 0.13% higher on the day at 139.25 at around 12:00 GMT
- The pair is hovering above major supports at daily cloud and 110-EMA
- MACD confirms bearish crossover on signal line, ADX supports downside
- Momentum is bearish. Stochs are sharply lower and RSI is well below 50 mark
- Price action is below 200H MA and GMMA indicator shows bearish shift on the intraday charts
Support levels - 138.49 (110-EMA), 137.51 (38.2% Fib)
Resistance levels - 139.79 (5-DMA), 140.62 (23.6% Fib)
Summary: EUR/JPY pivotal at daily cloud and 110-EMA support. Break below required for downside continuation, while bounce off cloud support and retrace above 21-EMA will negate any further bearishness.
