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FxWirePro: EUR/JPY Technical Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bias Bearish

- EUR/JPY was trading largely muted at 127.83 at around 11:50 GMT

- The pair made a session high at 128.09 and low at 127.29 and has formed a Spinning Top 

- MACD and ADX support further downside in the pair

- Price action is below major moving averages which are trending lower

- The pair trades below 200H MA and volatility is high

Support levels - 127.68 (110-week EMA), 127 (Trendline), 126.89 (Lower W BB)

Resistance levels - 128.83 (5-DMA), 129.17 (55-week EMA), 129.49 (200H MA)

Summary: EUR/JPY trades with a bearish bias. Recovery attempts lack traction. Resumption of weakness will see test of major trendline support at 127. Breach below will plummet prices. 
 

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