EUR/JPY Technical Analysis: stays downside corrective after failing at the 200-day SMA near 132.00.
|- EUR/JPY continues to drift lower after being rejected from the 132.00 neighbourhood earlier in the week, where sits the critical 200-day SMA.
- Some consolidation ahead of further gains is not ruled out following the July rally.
- The bullish tone in the cross is poised to remain unchanged while above the daily cloud and June’s tops in the 130.40 region. This area appears reinforced by the short-term support line and the top of the cloud in the 128.80 region.
- On the daily RSI, the cross has receded to the 60 region after flirting with overbought levels in past sessions, while the daily ADX highlights a weak trend.
EUR/JPY daily chart
Daily high: 131.45
Daily low: 130.91
Support Levels
S1: 130.91
S2: 130.44
S3: 130.00
Resistance Levels
R1: 131.82
R2: 132.26
R3: 132.73
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