EURJPY is under the influence of market sentiment and the European economic statistics such as German 10-y Bond Auction and German PPI m/m for EUR and the Trade Balance for JPY. The price is moving within the bearish zone where the EMA of 10 and the EMA of 50 have met. The support lies at 123.530 with resistance at 124.170 both below the monthly pivot point at 126.120. The MACD indicator is in neutral zone entering the positive zone which can signal a possible price growth. The RSI is above the 50 level and the ADX is showing strong buyers than sellers. There is no clear signal for this pair at the moment however the 121.708 breakthrough with push the price in lower levels.
Technical analysis of EURJPY dated 20.04.2016
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