EUR/JPY chart - Trading View
Technical Analysis: Bias Bearish
- Price action has resumed weakness after failure to break above daily cloud
- 5-DMA is sharply lower and recovery attempts capped below 20-DMA
- MACD is on verge of bearish crossover on signal line
- GMMA indicator shows major trend is neutral, while minor trend has turned bearish
- Volatility is high, momentum is bearish, Stochs and RSI are biased lower, RSI is below 50
Support levels - 122.23 (38.2% Fib), 121.35 (200-DMA), 121
Resistance levels - 123.18 (20-DMA), 123.46 (5-DMA), 124.08 (23.6% Fib)
Summary: EUR/JPY is extending weakness after price action failed to break above daily cloud. More weakness likely as price action slips below 110-EMA and recovery seems to be capped below 20-DMA.
