EURJPY analysis for 16.06.2016

The European market is under the influence of Final Core CPI y/y, Eurogroup Meetings, Final CPI y/y, and ECB Economic Bulletin and Japan is releasing BOJ Press Conference and Monetary Policy Statement. EURJPY is falling down the descendant channel but today there was a sharp fall. The support lies at 116.330 with resistance at 119.770 which both lines are below the weekly pivot point at 120.960. The EMA of 10 is located below the EMA of 75 and they are both falling down as well. All indicators are showing price decline; The RSI is reaching the oversold area and it may rise soon, the MACD indicator is in positive territory and the Stochastic is showing downward momentum. The price is under the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing price fall. It seems that the price fall is getting done and there might be buy opportunity at any time now.

https://fxglory.com/eurjpy-analysis-for-16-06-2016/