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EURJPY : Bearish Trend Remain Intact

EURJPY : Daily Chart

EURJPY continues to follow a downtrend channel on the daily chart and currently testing the support from falling support trend line of the channel. The pair has declined below the key support at 135.92 signaling a bearish trend. The downward sloping moving average pattern is signaling that the pair might continue to follow downtrend. If the pair is able to hold above the support trend line we might see some gains but the previous support at 135.92 might now act as resistance for the pair. Also the resistance trend line of the channel will prevent the pair in rising further.

EURJPY : Hourly Chart

On the hourly chart, the pair is currently testing resistance at 135.13 which earlier was acting as support for the pair. The moving averages pattern on hourly time also signaling the same downtrend. So the pair is expected to decline from this resistance level. However if it rises above this level the next resistance level it will find at 135.63.

EUR is weakening against Japanese Yen as investors are cautious about the economic growth in the euro zone thus increasing the demand for safe haven.