Chart - Courtesy Trading View
EUR/JPY was trading 0.03% lower on the day at 140.51 at around 10:50 GMT
The pair has edged higher from session lows at 138.82, bounces off Triangle base support.
The risk-off market environment boosted the safe-haven JPY and dragged the pair lower.
Price action has managed to rebound from lows, bias however remains bearish.
The pair is consolidating break below daily cloud, but long lower wicks on daily candles shows buying interest at lows.
MACD and ADX support weakness in the pair. Momentum is strongly bearish and rising volatility is likely to drag prices lower.
GMMA indicator shows minor trend is bearish, while major trend is turning bearish on the daily charts.
Support levels:
S1: 139.55 (Triangle Base)
S2: 138.39 (Lower W BB)
Resistance levels:
R1: 140.78 (Cloud base)
R2: 141.77 (200-DMA)
Summary: EUR/JPY trades with a bearish technical bias. Triangle base offers strong support. Long lower wicks raise scope for rebound. Retrace above 200-DMA will negate any further downside.
