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FxWirePro: EUR/JPY finds strong support at 200-DMA, further weakness only on break below

EUR/JPY chart - Trading View EUR/JPY has erased losses and edged higher from session lows at 119.82. The pair was trading largely unchanged on the day at 120.25 at around 08:00 GMT, bias bearish. Price action is below 20…

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FxWirePro: EUR/JPY finds strong support at 200-DMA, further weakness only on break below
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EUR/JPY chart - Trading View 

EUR/JPY has erased losses and edged higher from session lows at 119.82.

The pair was trading largely unchanged on the day at 120.25 at around 08:00 GMT, bias bearish.

Price action is below 200H MA, but is struggling to hold break below 21-EMA, finds major support at 200-DMA.

The pair is extending weakness for the 2nd straight week. MACD has confirmed a bearish crossover on signal line. 

Analysis of the GMMA indicator shows major trend is bullish, while minor trend has turned bearish.

Close below 21-EMA will see dip till 200-DMA at 119.53. Violation there will plummet prices. Failure to close below 21-EMA will negate bearish bias.

Major Support - 119.18 (21-EMA)

Major Resistance - 121.46 (200H MA) 
 

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