FxWirePro: EUR/JPY Daily Outlook

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FxWirePro: EUR/JPY Daily Outlook

Tuesday, September 27, 2022 12:07 PM UTC

Chart - Courtesy Trading View

Technical Analysis:

- EUR/JPY was trading 0.13% higher on the day at 139.25 at around 12:00 GMT

- The pair is hovering above major supports at daily cloud and 110-EMA

- MACD confirms bearish crossover on signal line, ADX supports downside

- Momentum is bearish. Stochs are sharply lower and RSI is well below 50 mark

- Price action is below 200H MA and GMMA indicator shows bearish shift on the intraday charts

Support levels - 138.49 (110-EMA), 137.51 (38.2% Fib)

Resistance levels - 139.79 (5-DMA), 140.62 (23.6% Fib)

Summary: EUR/JPY pivotal at daily cloud and 110-EMA support. Break below required for downside continuation, while bounce off cloud support and retrace above 21-EMA will negate any further bearishness.

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