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FxWirePro: EUR/JPY Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- EUR/JPY was trading 0.76% lower on the day at 134.00 at around 06:35 GMT

- The pair has broken below 50% Fib retracement and is on track to test 200-DMA support

- Momentum is strongly bearish and volatility is high and rising

- GMMA indicator shows major and minor trend are bearish

- Price action is well below cloud and Chikou span is biased lower

Support levels:

S1: 133.69 (200-DMA)

S2: 131.98 (61.8% Fib)

Resistance levels:

R1: 134.33 (50% Fib)

R2: 136.26 (5-DMA)

Summary: EUR/JPY trades with a bearish bias. The pair is on track to test 200-DMA support. Decisive break below will plummet the pair lower. Next major support lies at 61.8% Fib at 131.98.
 

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