EUR/JPY chart - Trading View
Technical Analysis: Bias Bearish
- EUR/JPY pared early gains and slipped lower on the day
- The pair failed to capitalize on the bullish gap open, failed to extend gains above 5-DMA
- Stochs and RSI are on verge of bearish rollover from overbought levels
- Price action has slipped below 200H MA, GMMA indicator shows bearish shift on intraday charts
- The pair seems to find stiff resistance at 200-month MA at 130.31, decisive break above required for upside continuation.
Support levels - 129.12 (21-EMA), 129.02 (5W MA), 127.86 (55-EMA)
Resistance levels - 129.86 (200H MA), 130.31 (200 month MA), 130.60 (Upper BB)
Summary: EUR/JPY capped at 200-month MA, break below 200H MA raises scope for further weakness. Market sentiment stays mixed as vaccine, unlock optimism battles reflation, geopolitical fears. The pair eyes 21-EMA support at 129.12, break below to see more weakness.
