The EURJPY pair fell further to test its support level at 138.00 after breaking through the trend line that had been providing it some support. There is a possibility that the market will retest the support level close to 138.00, and if the market forms a double bottom at this level, there is a chance to purchase. If the market is able to continue its upward movement from here and retest the prior trend line support that it had broken through, there is an opportunity to sell that may be taken advantage of.

The support rests at 137.19 with resistance at 138.26 which the Pivot Point at 137.88 is located above the price line. The EMA of 10 is moving in bearish bias in the descendant channel and it is moving below the EMA of 100 and the EMA of 200 which both are moving downward. The RSI is moving toward the low ranges and the Stochastic is moving in the oversold area. The MACD histogram is in positive territory with the signals showing a downtrend. The ADX is not having a strong signal.
The price is below the Ichimoku Cloud and the Chinkou Span is moving far from the market price. Both Tenkan-sen and Kijun-sen are both showing a downtrend.

• There is resistance at 138.26, followed by resistance at 138.95 and 139.33.
• There is support at 137.19 Below, there is 136.81 and 136.12.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.

eurjpyanalysis