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EURJPY : Continues to Follow Downtrend Channel

EURJPY : Daily Chart

EURJPY is currently trading within a falling channel which gives a bearish trend on the daily chart. Moving averages are also confirming the bearish outlook on the chart as 100 day SMA is just trying to cross below the 200 day SMA. The pair will continue to decline until it finds support from the falling support trend line. A decline below the falling support trend line will confirm the bearish trend on the pair.

EURJPY : 4 Hour Chart

On the 4 hour chart, the pair is trading within a narrow range of resistance at 137.90 and support at 137.56. The 50 day SMA is moving towards the 100 day SMA and if crosses above it will give a bullish signal and the pair might break the resistance at 137.90 and rise. However the resistance and 200 day SMA together might resist the pair to move above them. So for any bullish emergence we should be look if the pair is able to break out or not. The pair might also continue to decline and find the next support at 137.40 and then rise.