EURJPY is under the influence of economic reports such as Monetary Base (YoY) and Monetary Base End of Period in Japan and Deposit Facility Rate, E-12 Interest Rate and Marginal Lending Facility Rate in Europe. This pair is moving with neutral bias in a choppy pattern. The support lies at 121.750 with resistance at 122.730 which both lines are below the monthly pivot point at 123.05. The EMA of 10 has already passed the EMA of 75 creating a sharp fall. The RSI is in the negative zone under the 50 level and the ADX is showing stronger sellers than buyers. It seems that this pair is going to continue its downward trend within the descendant channel. The support level breakthrough can pave the way for further decline targeting 120 area.
EURJPY analysis for 02.06.2016
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