EUR/JPY chart - Trading View
EUR/JPY trades rangebound, bias bearish, on track for further downside.
The pair slips below 20-DMA which is now capping upside at 122.28.
RSI has slipped below 50 mark and Stochs are on verge of rollover from near overbought.
GMMA indicator shows a shift in trend as longer-term moving averages have turned south.
Recovery in the pair losses steam below 55-EMA and price action is set to resume downside.
Next bear target lies at 78.6% Fib at 120.68. Break above 21-EMA will likely see gains upto 55-EMA.
Support levels - 121.17 (Lower BB), 120.68 (78.6% Fib), 120
Resistance levels - 122.28 (20-DMA), 122.46 (5-DMA), 123.17 (June 11 high)
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