Chart - Courtesy Trading View
EUR/JPY dived over 1.30% to test monthly lows below 142 handle as the pair continues to be beaten amid bearish market sentiment.
The collapse of Silicon Valley Bank (SVB) and its potential impact on the broader US banking system continues to dampen market sentiment.
Markets will be closely monitor the Bank of Japan’s (BoJ) Monetary Meeting Minutes (Tue, Mar 14th, 2023 23:50 GMT) for further direction.
EUR/JPY price action has retraced back into the Symmetric Triangle pattern and has slipped below major 200-DMA support.
Stochs and RSI show bearish roll over from overbought levels and are biased lower. MACD confirms bearish crossover on signal line.
GMMA indicator shows major and minor trend have turned bearish on the intraday charts.
Support levels:
S1: 141.77 (200-DMA)
S2: 139.60 (55-week EMA)
Resistance levels:
R1: 142.29 (110-EMA)
R2: 143.49 (21-EMA)
Summary: EUR/JPY hovers around 200-DMA. Retrace into Symmetric Triangle pattern has dented upside for the pair. Technical indicators have turned bearish. Watch out for close below 200-DMA for further weakness.
