Daily Pivots: (S1) 136.43; (P) 136.59; (R1) 136.78; More...
Intraday bias in EUR/JPY remains on the downside. The cross is in the third leg of the pattern from 145.68 and should target 136.22 support next. On the upside, above 137.33 minor resistance will turn bias neutral and bring consolidations before staging another decline.
In the bigger picture, loss of upside momentum was seen in bearish divergence condition in weekly MACD. However, EUR/JPY is so far holding above 135.50 key support. Thus, there is no confirmation of trend reversal yet. Break of 145.68 will extend the up trend from 94.11 towards 76.4% retracement of 169.96 to 94.11 at 152.59 before topping. Meanwhile, break of 135.50 will confirm reversal and target 124.95 support.
Intraday bias in EUR/JPY remains on the downside. The cross is in the third leg of the pattern from 145.68 and should target 136.22 support next. On the upside, above 137.33 minor resistance will turn bias neutral and bring consolidations before staging another decline.
In the bigger picture, loss of upside momentum was seen in bearish divergence condition in weekly MACD. However, EUR/JPY is so far holding above 135.50 key support. Thus, there is no confirmation of trend reversal yet. Break of 145.68 will extend the up trend from 94.11 towards 76.4% retracement of 169.96 to 94.11 at 152.59 before topping. Meanwhile, break of 135.50 will confirm reversal and target 124.95 support.
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