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    Technical Analysis – EURJPY maintains bearish bias below 200-day MA

    EURJPY maintains its bearish bias and is being capped by the tenkan-sen line. There is currently strong resistance at the 61.8% Fibonacci retracement line at 131.77 which is of the rise from 126.08 to 141.04 (April to June rise). Failure to close above this line will keep downside momentum strong with scope for a further fall towards the next Fibonacci level (76.4%) at 129.27.

    The market is below the daily Ichimoku cloud and below the 200-day moving average and these are supporting the underlying bearish bias. Also, RSI is in bearish territory below 50.

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