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EURJPY : Selling Pressure But Seems Supported

EURJPY : 4 Hour Chart

EURJPY seems to be under selling pressure as it fell down from the resistance at 140.84. But it found support from the rising support trend line which prevented the pair in declining further couple of times earlier also. On the other hand the moving averages are heading in the same upward direction and moving apart signaling an uptrend continuation. The pair will again test resistance at 140.84 and will try to break above it.

EURJPY : Daily Chart

On the daily chart also the pair seems to be following an uptrend. If it is able to hold gains above the resistance at 140.84, the doors will open for the next resistance level at 142.12. The 50 day SMA is contracting towards the 100 day SMA signaling an uptrend continuation. The 200 day SMA is now seems to be acting as support.

However if the pair is not able to hold gains above 139.98, it may decline to the nearest support level at 139.11.