11:09, 30 January

EURJPY Daily Analysis

The EURJPY pair traded lower for the second consecutive session yesterday and closed at 134.91, after notching a low at 134.33. At present, the daily MACD and RSI are pointing south, along with the stochastic indicator trading in its oversold territory, hints the presence  of  bearish  momentum  in  the  pair.  Moreover,  the  8H  momentum  oscillators  are  trading  at  a  lower  level  below  their mid-lines, further affirming the above outlook. Key support is situated at the 134.10 level, followed by the daily lower Bollinger band (currently trading at 133.78/75) and the 133.49/45 level. A move back below the latter might trigger further bearishness in the pair. On the bright side, immediate resistance is aligned at the 134.78/80 level, followed by the 8H 50SMA (currently placed at 135.14/15) and the 4H 50SMA (currently trading at 135.45). A break above the latter might lead to positive momentum in the pair.