EUR/JPY: Apathetic markets letting the Bears down, eyes on 20-DMA

EUR/JPY bears looking for an extension on daily GMMA signals.
Lows were not confirmed by the daily RSI.

Ross J Burland FXStreet

The EUR/JPY cross is attempting to recover very near term while the lows had not been confirmed by the daily RSI. Analysts at Commerzbank had been warning of this and argued that the down move is over for now. "We have a second 13 count and TD support at 116.36," the analysts said.

Meanwhile, looking to the daily GMMA, there are no signs of a meaningful correction although the 4hr GMMA warns of a continuation of a meanwhile move higher to test territories of the 118 handle. The 20-day moving average is located at 118.22 that guards a run to 120.06 as the 25th July low. On the downside, 116.36 guards the 114.86 2017 low. "The break lower last week saw the market erode a 2012-2019 support line and this leaves a negative bias entrenched while below the downtrend," analysts at Commerzbank note.

EUR/JPY

Overview
Today last price	117.6
Today Daily Change	0.04
Today Daily Change %	0.03
Today daily open	117.56

Trends
Daily SMA20	118.22
Daily SMA50	120.22
Daily SMA100	121.84
Daily SMA200	123.87

Levels
Previous Daily High	117.68
Previous Daily Low	117.1
Previous Weekly High	118.48
Previous Weekly Low	117.26
Previous Monthly High	123.36
Previous Monthly Low	120.04
Daily Fibonacci 38.2%	117.46
Daily Fibonacci 61.8%	117.32
Daily Pivot Point S1	117.21
Daily Pivot Point S2	116.86
Daily Pivot Point S3	116.62
Daily Pivot Point R1	117.8
Daily Pivot Point R2	118.04
Daily Pivot Point R3	118.39

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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