Technical Analysis for EUR/JPY
EUR/JPY trades near the ascending key support at 124.20, whereas Stochastic trades with an upside bias. Meanwhile, the Relative Strength Index demonstrates a downside bias below the 50-points line, and Linear Regression Indicators display a negative crossover annd a negative bias. These technical contradictions compel us to stand aside until signs of a specific direction emerge.
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: 124.20, 123.65, 123.00, 122.70, 122.15
Resistance: 124.85, 125.00, 125.30, 125.70, 126.00
Recommendation Based on the above graph and explanation, we recommend neutrality searching for signs of a clearer direction.