Detailed FX Market Outlook and Analysis

EUR/JPY Daily Analysis

EUR/JPY has moved up to 132.32 after closing the last week on the lower side. The intraday resistance levels are at 132.35 and 132.64. The intraday support levels are at 132.08 and 131.77.

On the intraday charts, the current price is near the SMA-14 resistance line which is at 132.27. The SMA-50 support line is way below at 130.30. The mid-Bollinger band is at 131.51 and the upper and lower bands are at 132.20 and 128.82 respectively. Despite today’s big gain, the pair is still keeping below Friday’s opening and the intraday price pattern remains bearish. The pair had also gapped lower today and with the nearby resistances it is unlikely to make any further gains which make it ideal for selling entries near 132.32 with a target of 131.85 and a stop-loss at 132.72.

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