Technical Analysis for EUR/JPY

Technical Analysis for EUR/JPY

EUR/JPY failed to reside above Linear Regression Indicator 55 however, LRI 34 reflects positivity. Stochastic is biased to the downside and is sending overbought signals. In contrast, the Relative Strengthe Index is in bullish positivity. These technical contradictions render us neutral today until indications of a specific direction emerge, especially as trading sequence is between 127.35 and 122.15.

The trading range expected today is between the key support at 122.15 and the key resistance at 127.35

The short-term trend is upside targeting 128.75 if 109.45 remains intact at weekly closing

Support: 124.85, 124.65, 124.10, 123.50, 123.00
Resistance: 125.30, 125.70, 126.00, 126.80, 127.35

Recommendation Based on the above graph and explanation, we recommend neutrality searching for signs of a clearer direction.