FxWirePro: EUR/JPY pivotal at 200-DMA support, weakness likely on break below
EUR/JPY chart on Trading View used for analysis EUR/JPY trades 0.22% lower on the day at 130.87 at the time of writing. The major is on track to close in the red for the 2nd straight week. The single currency is being hi…
EUR/JPY trades 0.22% lower on the day at 130.87 at the time of writing.
The major is on track to close in the red for the 2nd straight week.
The single currency is being hit on European political concerns.
Price is extending weakness after spinning top formation on the previous week's chart.
200-DMA at 130.94 is strong support for the pair ahead of 5W-SMA at 130.69.
Momentum studies are bearish. Stochs and RSI are sharply lower and MACD is showing a bearish crossover on signal line.
Decisive break below 200-DMA will see extension of weakness. Scope for dip till 110-EMA at 130.08.
Bounce off at 200-DMA negates bearish bias. The pair could then retest 131 levels.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -32.9275 (Neutral), while Hourly JPY Spot Index was at 27.0931 (Neutral) at 0945 GMT.
