Chart - Courtesy Trading View
EUR/JPY was trading in a narrow range with session high at 130.50 and low at 130.34.
The pair is consolidating Friday's breach below 200-DMA, scope for further downside.
5-DMA is sharply lower, price action is now below major moving averages.
MACD support downside. ADX is rising in support of -ve DMI dominance.
Momentum is strongly bearish. Stochs and RSI are sharply lower, RSI is well below the 50 mark.
GMMA indicator shows short-term moving averages confirm a bearish crossover on longer-term moving averages.
Support levels - 130.16 (20-week MA), 130.06 (Lower BB), 129.55 (Trendline)
Resistance levels - 130.46 (200-DMA), 130.57 (5-DMA), 130.81 (55-EMA)
Summary: EUR/JPY trades with a bearish bias. Scope for test of trendline support at 129.55. Bearish invalidation likely on retrace above 200-DMA.
