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Chart - Courtesy Trading View
Technical Analysis:
- EUR/JPY was trading 0.34% lower on the day at 137.48 at around 05:20 GMT
- The pair fails to extend gains above 55-EMA, slips lower to test daily cloud support
- Momentum indicators are biased lower, RSI is well below the 50 mark, Stochs show bearish bias
- MACD and ADX support downside in the pair, Chikou span is biased lower
- Price action is below 200H MA and GMMA indicator shows near-term bias has turned bearish
Major Support Levels:
S1: 136.80 (21-week EMA)
S2: 136.67 (converged 110-EMA and 38.2% Fib)
Major Resistance Levels:
R1: 138.08 (5-DMA)
R2: 138.88 (55-EMA)
Summary: EUR/JPY trades with a bearish bias. Scope for test of 136.67. Break above 55-EMA will change near-term dynamics.
