ByLCMS Traders FX Analysis Team
JUL 1, 2021
EUR/JPY is trading 0.11% higher to 131.90 ahead of the European session. The immediate resistance levels are at 131.96 and 132.36. The near-term support levels are at 131.67 and 131.28.
On the intraday charts, despite the modest gains, the outlook remains bearish. The SMA-14 is indicating resistance at 132.06 and the SMA-50 indicating resistance at 132.41. The pair is also keeping below the mid-Bollinger band which is at 132.38 while the upper and lower bands are at 134.033 and 130.73. The RSI is below the neutral zone and appears flat. Considering the nearby resistance areas and following the intraday price pattern the pair is ideal to sell at the following levels
Direction: Sell
Entry: 132.00
Take Profit: 131.45
Stop-Loss: 132.28
An intraday closing above the SMA-14 (132.06) would be ideal for the bulls to gain more strength, failing to achieve the pair is likely to head towards a lower weekly closing.
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