EUR/JPY Bearish Pattern Starts To Emerge

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 JUN 7, 2021

EUR/JPY bulls struggled to stay above the 134.00 mark and the pair is currently trading at 133.06. The immediate support levels are at 133.00 and 132.72. The intraday resistance levels are at 133.27 and 133.48.

On the intraday chart, a couple of Doji formations are present at the top which led to a drop of nearly 70 pips on Friday. The pair is currently keeping below the SMA-14 which is at 133.32 while the SMA-50 is indicating support at 131.62. The current price is also near the mid-Bollinger band, the upper and lower bands are at 134.19 and 131.99 respectively. The RSI is at 54 and the MACD is below the zero line. Considering the intraday and 4-hourly price pattern the pair is ideal for selling at the following levels.

Direction: Sell

Entry: 133.25

Take Profit: 132.80

Stop-Loss: 133.52

An intraday closing below 133.00 is needed for the bears to further extend the downside, on the upside, bulls require a sustained price action above 133.60 to back into the game.