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EURJPY : Bearish Outlook Confirmed

EUR strengthened against Japanese Yen today but the gains remain capped as chances of further monetary policy easing by ECB in the coming month weighs on the single currency. On the 4 hour chart, the pair rose from the support at 139.992 and found resistance at 140.40. Draghi on Thursday also mentioned that although exchange rate is not a policy target, but the strength in euro is hindering the increase in inflation thus a major concern. The 50 day SMA have crossed below the other 100 day and 200 day SMA confirming the bearish outlook on the pair.

On the daily chart we can see that 139.99 is the key support level breaking which will push the pair further down may be till it find the next support at 139.08.