EURJPY has been in a battle with the 131.60 support level over the last couple of sessions, holding below the long-term descending trend line. It is worth to mention that the price remains well above the 200-day simple moving average (SMA) as well as above the short-term SMAs, which are ready for a bullish crossover.
From a technical perspective, the RSI indicator is standing slightly below the overbought region with weak momentum, while the MACD is stretching the bullish movement above its trigger and zero lines.
Should the trendline at 132.10 crack, the price could initially test the 132.55 barrier before heading towards the 133.50 and 134.10 resistance levels.
In the negative scenario where the price snaps the 131.60 barrier and closes below it the next target would be the flat 200-day SMA at 130.45. Falling lower, the bears bulls will need to drive lower to the 20- and 40-day SMAs at 129.20 ahead the low of 128.20 and 127.40.
In brief, despite its resilience above 131.60, EURJPY needs to show clear bullish signals above the falling trend to shift the outlook to positive. If the diagonal line approves a pullback lower, then the broader picture will remain negative.
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