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FxWirePro: EUR/JPY Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- EUR/JPY was trading 0.80% lower on the day at 138.61 at around 10:30 GMT

- The pair has slipped below 23.6% Fib retracement and has slipped below 21-EMA

- MACD confirms a bearish crossover on signal line

- Momentum is bearish. Stochs and RSI are sharply lower

- Chikou span is biased lower, 5-DMA is sharply lower

Support levels:

S1: 137.53 (50-DMA)

S2: 137.13 (55-EMA)

Resistance levels:

R1: 139.23 (21-EMA)

R2: 140.12 (5-DMA)

Summary: EUR/JPY poised for more downside. Next major support lies at 38.2% Fib and cloud top at 136.66.
 

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