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FxWirePro: EUR/JPY extends break below 55-EMA, on track to test trendline support at 124.60

Monday, January 18, 2021 10:21 AM UTC

EUR/JPY chart - Trading View

EUR/JPY was trading 0.11% lower on the day at 125.24 at around 10:15 GMT, extending previous session's losses.

The pair closed below 55-EMA on Friday's trade and is set to extend downside as technical studies support weakness.

Price action has retraced below 200W MA and major trendline resistance turned support, raising scope for further downside.

MACD is biased lower, oscillators are bearishly aligned and negative DMI crossover on positive DMI aids bearish bias.

Daily cloud offers strong support at 124.80, break below will see bearish continuation. Breach at 200-DMA will open up downside.

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FxWirePro: EUR/JPY extends break below 55-EMA, on track to test trendline support at 124.60

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