EUR/JPY chart - Trading View
Technical Analysis: Bias Bearish
- Price action has retraced above 5-DMA
- RSI has turned north and Stochs are on verge of rollover from oversold levels
- MACD and ADX support downside in the pair.
- GMMA indicator shows major trend is turning bearish, while minor trend is strongly bearish.
Support levels - 121.15 (200-DMA), 120.73 (50% Fib), 119.24 (61.8% Fib)
Resistance levels - 122.76 (110W EMA), 122.98 (21W EMA), 123.05 (110-EMA)
Summary: The pair is extending gains as the single currency gains amid broad based U.S. dollar weakness. Technical analysis supports weakness. Upside could be limited. Scope for test of 200-DMA on downside resumption.
