Technical analysis of EURJPY dated 23.05.2016

EURJPY is under the influence of Japan All Industries Activity m/m and Euro is publishing Consumer Confidence (M/M). The pair is moving around the 123.00 levels, trying to break the support. The support lies at 122.600 with resistance at 123.630 which both lines are below the monthly pivot point at 123.84. All indicators are signaling price fall. The RSI is below the 50 level, the Stochastic is showing price decline and the ADX is showing strong sellers. The EMA of 10 is staying close to the EMA of 75 in the neutral area. Short positions are recommended with the target at 121.40.

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