Technical Analysis for EUR/JPY

Technical Analysis for EUR/JPY

EUR/JPY is trading with a sideways bias, residing above Linear Regression Indicators but, Stochastic reflects slight bearish bias which might support the downside move. The bearishness can only be confirmed with a breakout below 124.75; whereas favoring an uptrend requires stability above 126.50. Therefore, we advise standing neutral until signs of a specific direction appear.

The trading range expected for today is between the key support at 122.15 and the key resistance at 128.75

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

Support: 125.00, 124.75, 124.10, 123.50, 123.15
Resistance: 126.00, 126.50, 126.80, 127.40, 128.25

Recommendation Based on the above graph and explanation, we advise neutrality until clearer signs emerge