EUR/JPY chart - Trading View
Technical Analysis: Bias Bearish
- EUR/JPY was trading 0.58% lower on the day at 128.51 at around 14:00 GMT
- Price action was rejected at 21-EMA, slips below daily cloud
- Momentum indicators are biased lower, RSI is well below 50 mark
- MACD is below zero mark, supports downside, GMMA indicator shows major bias is bearish
- Recovery attempts were rejected at 200H MA, any upside only on decisive break above
Support levels - 127.95 (Converged Trendline & Lower BB), 127, 126.39 (61.8% Fib)
Resistance levels - 128.80 (5-DMA), 129.21 (21-EMA), 129.34 (38.2% Fib)
Summary: EUR/JPY trades with a bearish bias. The pair is on track to test major support at 128 levels. Breach below will plummet prices. On the flipside, bearish invalidation only above daily cloud.
