EUR/JPY Likely To Move Below the 132.00 Area

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 JUN 25, 2021

EUR/JPY bulls are struggling to breach above the 132.40 resistance area following a recovery from last week’s decline. The pair is currently trading at 132.27 with immediate support levels at 132.00 and 131.75. The intraday resistance levels are at 132.44 and 132.76.

On the intraday charts, the moving averages are indicating a possible bearish moving average crossover that might help bears drag the price lower. The mid-Bollinger band is at 132.80 and the upper and lower bands are at 134.63 and 130.98 respectively. The RSI is below the neutral zone while the MACD is below the zero line as well. Following the nearby resistance areas and analyzing the intraday and 4-hourly price pattern, the pair is likely to take a dip which makes it ideal to sell at the below levels.

Direction: Sell

Entry: 132.35

Take Profit: 131.85

Stop-Loss: 132.58

An intraday closing below 132.00 would be supportive of the bears for resuming the downtrend and challenge the 131.00 mark during the next week. On the upside, a weekly closing above 132.70 would be supportive of bulls.