Chart - Courtesy Trading View
Technical Analysis:
- EUR/JPY was trading 1.21% lower on the day at 137.54 at around 10:30 GMT
- The pair has slipped below daily cloud, raising scope for further downside
- Momentum is bearish, Stochs and RSI are sharply lower, RSI is well below 50
- GMMA indicator shows major trend is neutral while minor trend is bearish
- MACD and ADX support downside in the pair. Chikou span is biased lower
Support levels:
S1: 137.20 (110-EMA)
S2: 136.83 (Lower BB)
Resistance levels:
R1: 138.74 (5-DMA)
R2: 139.51 (21-EMA)
Summary: EUR/JPY break below cloud has opened downside in the pair. Scope for test of 38.2% Fib at 136.68.
