Sasha Singh
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EURJPY : Bearish Trend Continues, Support at 135.67 in Focus

EURJPY : 4 Hour Chart

EURJPY seems to be following a descending triangle trend on the 4 hour chart and currently testing the support of triangle which is at 135.67. Also seems like the 50 day SMA is acting as resistance for the pair as it resisted the pair earlier also. The descending triangle trend gives a bearish signal according to which the pair decline below the above mentioned key support. If it does so, the next nearest support it may find is at 135.09. The moving averages are all heading in the same downward direction signaling a downtrend continuation. There might be some surge again from the support of the triangle but the falling resistance trend line will again pull back the pair and it will continue to decline when it will reach the apex of the triangle.

EURJPY : Hourly Chart

On the hourly chart, the pair has started following a falling channel trend and currently heading towards the resistance trend line of the channel which will again pull back the pair down. Downtrend channel also signals a bearish trend, thus the pair seems bearish in the hourly chart as well. If the pair is able to hold gains above the falling resistance trend line of the channel, the bearish trend might fade away and we might see pair trim some of its losses.