09:43, 28 February
EURJPY Daily Analysis
The EURJPY pair traded lower in the previous session and closed at 131.30, after notching a low at 131.28. Currently, the daily MACD and RSI indicators are heading downwards, accompanied by the stochastic indicator placed in its oversold territory, hints .the presence of bearish momentum in the pair. Besides, a signal line crossover from above by the 4H MACD, along with the 8H momentum oscillators trading with a downside bias, further affirms the above stance. Key support is placed at the 130.50 level, a breach below which might lead to increased selling pressure on the pair, paving way for the 130.10 and 129.80 levels as the next .possible supports. Meanwhile, key resistance is positioned at the 200day SMA (currently trading at 131.27/30), followed by the 131.58/60 level and the 2H 100SMA (currently trading at 131.90). A break above the latter might trigger positivity in the pair.