EUR/JPY technical analysis: Momentum stalling below of trendline support

Bearish momentum stalling following a break of trend-line support.
Bears can target 115.87 ahead of the 2017 low at 114.86.

Ross J Burland FXStreet

Overcoming the 6-month downtrend at 118.77 and rising from 116.58/115.87 recent lows, EUR/JPY rallied to the September highs which meet the July lows, reinforcing the upside resistance at this juncture.

Overall, the price is submerged below bearish moving averages within a descending channel although remains below trendline support. However, an upside extension beyond the 200-day moving average at 122.50 will look for a test of the 38.2% Fibonacci in the 124 handle on the wide. On the downside, bears can target 115.87 ahead of the 2017 low at 114.86.

EUR/JPY daily chart

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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