- EUR/JPY has bottomed at 121.95 which holds very little technical significance, at least on a historic level basis, other than being a touch below the psychological 122 the figure target.
- Stochastics are oversold at this juncture on the longer time frames, although not on a historical level on a daily basis, and the 4HR has recovered to a more neutral level, while the 1HR overbought conditions have turned bearish.
- A combination with the price below the 200-HR EMA and now the 20-1HR/4HR EMA, along with hourly momentum accelerating to the downside, the immediate outlook is indeed leaning to the downside.
- The price has been capped by 21 May-28th May interim trendline resistance and bears can target the 29 May lows at 121.58. The 78.6% Fibo of the early Jan lows to early March highs is located down around 120.50.
- On the upside, 122.50 has been prior near term support coinciding with the 4HR 50 EMA. Above there, we have 122.85/123.75, at the downtrend line and the May 21 high as a target.
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