Yesterday’s slight uptick hasn’t helped the EUR/JPY bulls to build a recovery pattern and the pair is once again trading 0.23% lower to 130.93. The intraday support levels are at 131.00 and 130.64. The near-term resistance areas are at 131.16 and 131.46.
The fact that the pair is now keeping below the 131.00 mark makes it further vulnerable to the downside. The SMA-14 is indicating resistance at 131.87 while the SMA-50 is indicating a support area at 130.55. The RSI is now below the neutral zone while the MACD is also indicating a bearish trajectory. The intraday price pattern is bearish the SMA-50 support line is likely to be tested which makes the pair ideal for selling entries around 131.00 mark with a target of 130.55 and a stop-loss at 131.30.
