09:23, 07 February
EURJPY Daily Analysis
The EURJPY pair traded in the green in the last session and finished at 135.60, after making a high at 135.79. A signal line crossover by the daily MACD from above, coupled with the RSI and stochastic oscillators moving lower, hints at likely bearish momentum in the coming session. Likewise, a negative centreline crossover by the 8H MACD, accompanied by the RSI and stochastic indicators trading with a weak bias, further affirms the above view. Key intraday support is situated at the 134.78/75 level, followed by the 8H 100SMA (currently located at 134.54/50) and the daily lower Bollinger band (currently placed at 134.12/10). A breach below the latter might lead to weakness in the pair. Conversely, important resistance is positioned at the 20day SMA (currently placed at 135.50), followed by the 8H 20SMA (currently placed at 135.91/95) and the 2H upper Bollinger band (currently trading at 136.28/30). A surge above the latter might trigger further positivity in the pair.