#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 JUL 13, 2021

EUR/JPY once again appears to be falling in the bearish territory after recovering from last week’s low of 129.63. Currently, the pair is trading at 130.71 with 131.00 acting as a stiff resistance area. The intraday support levels are at 130.44 and 130.19.

On the intraday charts, the current price appears to be heading towards Fibo 50% retracement zone. The pair is keeping below the moving averages, the SMA-14 is at 131.29 and the SMA-50 resistance line is at 132.33. The mid-Bollinger band is at 131.43 while the upper and lower bands are at 132.97 and 129.90 respectively. The RSI is below the neutral zone and has a downwards curve. Following the intraday and 4-hourly price patterns and analyzing the nearby resistance areas the pair is deal for short entries at the following levels

Direction: Sell

Entry: 130.85

Take Profit: 130.30

Stop-Loss: 131.25

An intraday closing below 130.30 would once again put the bears in control and the possibility of a drop towards 129.30 and 129.00 levels would be high. On the upside, an intraday closing above 131.00 is needed for the bulls to build a strong upwards momentum.