Chart - Courtesy Trading View
Technical Analysis: Bias Bearish
- EUR/JPY was trading largely muted at 127.83 at around 11:50 GMT
- The pair made a session high at 128.09 and low at 127.29 and has formed a Spinning Top
- MACD and ADX support further downside in the pair
- Price action is below major moving averages which are trending lower
- The pair trades below 200H MA and volatility is high
Support levels - 127.68 (110-week EMA), 127 (Trendline), 126.89 (Lower W BB)
Resistance levels - 128.83 (5-DMA), 129.17 (55-week EMA), 129.49 (200H MA)
Summary: EUR/JPY trades with a bearish bias. Recovery attempts lack traction. Resumption of weakness will see test of major trendline support at 127. Breach below will plummet prices.
