If prices are unable to break above 137.00, the technical rally seen on the EURJPY might be coming to an end. Bears continue to exert some grip over the market, as seen by prices maintaining a negative channel on the daily charts. A move back below the 50-day Simple Moving Average might set off a selling frenzy that sends prices down toward 134.50 and 133.00, respectively. If the market is able to sustain a move over 137.00, then there is a chance that prices will continue to climb above 138.00.

The support rests at 134.73 with resistance at 135.60 which the Pivot Point at 135.09 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 horizontally. The RSI is moving toward the low ranges and the Stochastic is moving in the oversold area. The MACD histogram is in negative territory with upward signals. The ADX is not showing a clear signal.
The price is below the Ichimoku Cloud and the Chinkou Span is moving near the market price. Both Tenkan-sen and Kijun-sen are both showing a horizontal state.

• There is resistance at 135.60, followed by resistance at 135.96 and 136.47.
• There is support at 134.73 Below, there is 134.22 and 133.86.

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.

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