Chart - Courtesy Trading View
Technical Analysis:
- EUR/JPY was trading 0.78% lower on the day at 141.37 at around 13:10 GMT
- The pair has slumped below daily cloud and 110-EMA, scope for further downside
- GMMA indicator shows major trend is neutral, while minor trend is bearish
- Momentum is bearish, volatility is high and rising, Chikou span is biased lower
- MACD and ADX support downside in the pair, bearish RSI divergence adds to the downside bias
Major Support Levels:
S1: 140 (Psychological mark)
S2: 139.23 (38.2% Fib)
Major Resistance Levels:
R1: 142.04 (110-EMA)
R2: 142.94 (5-DMA)
Summary: EUR/JPY trades with a bearish bias. Watch out for close below daily cloud for further downside. Next major support lies at 38.2% Fib at 139.23 ahead of 200-DMA at 139.08. Bearish invalidation only above daily cloud.
