Sasha Singh
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EURJPY : Descending Triangle Giving Bearish Signal

Today EUR and USD are declining in response to the downbeat economic sentiment and Retail Sales data respectively. EUR seems to be more effected due to the series of weak data and after ECB indicated that it might ease monetary policy to improve persistent low inflation.


(EURJPY : Daily Chart)

Looking at EURJPY the pair seems like following a bearish trend on the daily chart. The pair is consolidating within a downwards sloping triangle which indicate that the pair might continue to decline breaking the support trend line of the triangle. Key support for EURJPY is at 139.99. The pair might rise from this level currently but it will find resistance from the downward sloping resistance trend line and again fall. If it breaks this support it might fall up to 139.08 or 137.46.