EUR/JPY chart - Trading View
- EUR/JPY is extending break below 21-EMA, breaks major trendline support at 125.20.
- The pair is trading 0.23% lower on the day at 124.84 at 0700 GMT, bias bearish.
- Price action has slipped below daily cloud and technical studies support downside.
- RSI is below 50 and biased lower. Stochs are sharply lower and MACD is showing a bearish crossover.
- Next major support lies at 38.2% Fib at 124.18. Further weakness can see test of Mar 28 lows at 123.65.
- On the flipside, immediate resistance lies at 21-EMA at 125.54. Breakout at 200W SMA negates bearish bias.
Support levels - 124.18 (38.2% Fib), 123.65 (Mar 28 low), 123.16 (50% Fib)
Resistance levels - 125.25 (trendline), 125.54 (21-EMA), 126.13 (110-EMA)
Recommendation: Good to go short on upticks, SL: 125.55, TP: 124.20/ 123.65/ 123.20
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
