EUR/JPY Price Analysis: Confined to a descending channel, eyeing 136.00 in the near term

are set to open mixed, as shown by the futures market.

The EUR/JPY, Tuesday price action, opened near the highs of the day around 138.00 and tumbled on news that the Japanese Finance Minister reunited with US Secretary of Treasure Janet Yellen to discuss the yen’s rapid fall. Hence, EUR/JPY traders sent the pair to the daily low at around 137.00. At the time of writing, the EUR/JPY is trading at 137.24.The EUR/JPY remains upward biased, but a break below a two-month-old upslope support trendline on Tuesday near 137.

That said, the EUR/JPY’s first support will be the July 8 daily low of around 136.85. The break below will expose the 100-day EMA at 136.23, followed by the May 22 cycle low at 133.92.In the short term, the EUR/JPY is also tilted to the downside, confined to a descending channel, but it is approaching a solid support level at the July 12 daily low of around 137.02, just above Wednesday’s S1 daily pivot at around 136.88.

Source: News Formal (newsformal.com)

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