EURJPY has a slightly downward trend that is neutral and expected to persist in the near future.

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• EUR/JPY faces a neutral downward trend in the short term.

The pair currently trades last at 154.328.

The previous day high was 155.33 while the previous day low was 154.65. The daily 38.2% Fib levels comes at 154.91, expected to provide resistance. Similarly, the daily 61.8% fib level is at 155.07, expected to provide resistance.

The EUR/JPY drops as the Asian session commences, following a bearish session on Tuesday that witnessed a fall of 0.40%. However, expectations for further tightening by the European Central Bank (ECB) capped the cross’s fall. At the time of writing, the EUR/JPY exchanges hand at 154.37, down 0.02%.

The daily chart portrays the pair in a strong uptrend, though price action is overextended, as the Relative Strength Index (RSI) exists from overbought conditions. That triggered the EUR/JPY downward correction toward the current week’s low of 154.04, but the pair recovered some traction since then.

In the short term, the EUR/JPY 1-hour chart portrays the pair as neutral downwards. Traders must be aware the EUR/JPY is trading inside the Ichimoku cloud; therefore, price action would remain capped withint the Span A and B lines, each at 154.94/154.20.

If EUR/JPY breaks below the Tenkan-Sen line and the Senkou Span B line at around 154.32/20, the EUR/JPY would accelerate its downtrend. The next support would be the 154.00 figure, followed by the S1 daily pivot at 153.84. A decisive break will expose the 153.50, followed by the S2 pivot point at 153.27.

Conversely, the EUR/JPY first resistance would be the daily pivot at 154.61. Once cleared, the Kijun-Sen line is up for grabs at 154.71, followed by the Senkou Span A at 154.94, before cracking the 155.00 figure.

Technical Levels: Supports and Resistances

EURJPY currently trading at 154.4 at the time of writing. Pair opened at 155.2 and is trading with a change of -0.52 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 150.71, 50 SMA 149.11, 100 SMA @ 146.03 and 200 SMA @ 144.55.

The previous day high was 155.33 while the previous day low was 154.65. The daily 38.2% Fib levels comes at 154.91, expected to provide resistance. Similarly, the daily 61.8% fib level is at 155.07, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 154.79, 154.38, 154.11
• Pivot resistance is noted at 155.47, 155.74, 156.14

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