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EURJPY : Bearish Trend Persists, Next Target 137.75

EURJPY : Hourly Chart

EURJPY currently testing resistance from 138.99 and from 50 day SMA. Most probably the pair will continue to decline towards the support at 138.45. Overall the trend is downtrend as there is a falling resistance trend line also which will prevent the pair in rising further. Inserting the stochastic oscillator we can see that the pair has broken down below the 23.6 Fib level signaling that the pair will now decline to the next support at 138.45.

EURJPY : 4 Hour Chart

On the 4 hour chart, the pair is clearly following a downtrend as the falling resistance trend line preventing the pair rising further. Although the pair found support from 100 day SMA after declining below the 50 day SMA, it won’t be able to hold gains for long above the 100 day SMA and might decline to find the next support at 200 day SMA or at 137.75.