A downward trend has been seen in the EURJPY. Although the price has lately been fluctuating inside a narrow range. Price is expected to either break down with the head and shoulders pattern or test the resistance level before continuing to fall.
The support rests at 129.40 with resistance at 129.48 which the Pivot Point at 129.44 is located above the price line. The EMA of 10 is moving in bullish bias in the ascendant channel and it crossed the EMA of 100 and the EMA of 200. The RSI is moving toward overbought area, the MACD histogram is in positive territory. The Stochastic is moving in high ranges with and the ADX is not showing a clear signal.
The price is above the Ichimoku Cloud and the Chinkou Span is moving far away the market price. Both Tenkan-sen and Kijun-sen are both showing an uptrend.

• There is resistance at 129.48, followed by resistance at 129.52 and 129.56.
• There is support at 129.40 Below, there is 129.36 and 129.32.

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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