Detailed FX Market Outlook and Analysis

EUR/JPY Daily Analysis

EUR/JPY is currently trading 0.17% higher to 128.69 following a lower momentum almost the entire last week. The intraday support levels are at 128.55 and 128.10. The near-term resistance areas are at 128.77 and 129.16.

On the intraday charts, the pair is now keeping below the key support levels are appears to be heading deep in bearish territory. The SMA-14 resistance line is at 130.34 and the SMA-50 resistance area is at 130.47. The RSI is at 37 and still away from an absolute oversold zone. The MACD is also below the middle line and favors the bears. Following the bearish momentum and analyzing the nearby support areas the pair is likely to dip further which makes it ideal for selling entries near 128.70 with a target of 128.25 and a stop-loss at 129.08.

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