EURJPY analysis for 08.06.2016

EURJPY movement is totally based on Japan economic data since there are no important news factors in Euro zone today. Japan is releasing Final GDP Price Index y/y, Economy Watchers Sentiment, Final GDP q/q, Bank Lending y/y, and Current Account. Today EURJPY started with bearish candle but has created two bullish candles afterwards. The support lies at 121.090 with resistance at 122.210 which both lines are below the monthly pivot point at 123.120. The EMA of 10 is located below the EMA of 75 indicating the current price fall. The active indicators are not presenting any clear signal; the MACD indicator is in neutral zone, the RSI is around the 50 level but the ADX is showing stronger sellers than buyers. It seems the pair does not have enough power to break the previous high at 124.17 but if it does, the price will start its bullish trend however as long as the resistance level has stayed intact will stay bearish for this chart targeting 120.78.


https://fxglory.com/eurjpy-analysis-for-08-06-2016/