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FxWirePro: EUR/JPY Daily Outlook

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. 
 

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