Technical Analysis for EUR/JPY

Technical Analysis for EUR/JPY

EUR/JPY plummeted before commencing a sideways trend created by a continuous technical pattern, which will likely extend the downtrend. This bearish trend relies on the pair's stability below 122.15 however, over intraday basis, we will count on stability below 121.05 to maintain these expectations.

The trading range expected this week is between the key support at 116.15 and the key resistance at 122.15

The short-term trend is upside targeting 128.75 if 109.45 remains intact at week's closing

Support: 119.25, 118.55, 118.00, 117.40, 116.65
Resistance: 120.00, 120.35, 121.05, 121.50, 122.15

Recommendation Based on the above graph and explanation, we recommend selling the pair below 120.00 targeting 119.25, 118.00 and 117.40 and stop-loss at four-hour closing above 121.05.