FxWirePro: EUR/JPY Daily Outlook

EUR/JPY chart - Trading View 

EUR/JPY grinds lower for the 5th straight session, bias still bearish.

Upside in the pair has been rejected at cloud and 55-EMA. On the daily charts, upside capped at 5-DMA.

5-DMA is sharply lower. MACD indicators support downside and and ADX is rising in support of the downtrend.

Momentum is with the bears. RSI is sharply lower and below 50, which shows strength in the downtrend.

Scope for weakness till trendline support at 119.95. Bearish invalidation only above daily cloud. 

Support levels - 120.98 (lower BB), 120.78 (June 3 low), 119.95 (trendline)

Resistance levels - 121.31 (5-DMA), 121.75 (21-EMA), 122.45 (55-EMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.