13:05, 14 February
EURJPY Daily Analysis
The EURJPY pair traded lower in the previous session and closed at 133.18, after notching a low at 132.52. At present, the daily MACD is tranquil in its negative region, accompanied by the RSI and stochastic indicators moving downwards, hints the presence of bearishness in the pair. In addition, the 8H momentum oscillators are trading with a bearish bias, further affirming the above outlook. Immediate support is located at the 2H lower Bollinger band (currently trading at 132.32/30), followed by the 8H lower Bollinger band (currently placed at 132.04/00) and the 131.72/70 level. A breach below the latter might lead to increased bearish pressure on the pair. However, a lower Bollinger band crossover on the 8H chart, indicates a likely recovery over intraday basis. Key resistance is aligned at the 133.02/05 level, followed by the 133.36/40 and 133.74/75 levels. A break above the latter might trigger positivity in the pair.