EUR/JPY
The pair has been in a down trend from 140 levels. It faced resistance at the broken support trend line and was unable to cross above it. If support becomes resistance, it is a bearish sign. In yesterday's session the pair sliced to the previous swing low and was unable to close above the 200-day SMA, which adds more fuel to the bearish views. On the down side, the pair has strong support at 137.60 levels (200-day EMA). A day close below that, it can extend its bear path up to 136.20 and 131.20 levels.
Pay carefull attention to the space between 137.60 (200-day EMA) and 137.10 levels (50-week SMA). So, traders can sell below 137 for 136.20 as an initial target. Breaks below 136.20, it will crack up to 131 levels with intermediate ups and downs.
NOTE-
BULLS LAST HOPE AT 137.10, A DAY CLOSE BELLOW, BEAR JOURNEY WILL EXTEND
LEVELS TO WATCH-
SUPPORT: 137.60, 137.10, PANIC BELOW 136.20.
RESISTANCE 138.65, ABOVE THIS, 140.30.
The material has been provided by InstaForex Company - www.instaforex.com
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