Currency Analyst since 2010

EUR/JPY: technical levels

EUR/JPY has stabilized in the 132.00/130.00 in the past week, though the bias is to the downside.

There’s divergence on the daily MACD and RSI: the indicators didn’t confirm May 22 maximum at 133.80. There’s a descending resistance line from this high which is capping the prices.  

A sustainable break below 130.00 might bring the pair down to 129.00, 128.40 (200-month MA), 127.70 (February high), 127.00. Until 130.00 holds, the near-term outlook will be neutral. Resistance is at 131.66 (100-month MA), 132.00 and 133.80.

Chart. Daily EUR/JPY

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