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  • EUR/JPY wavers in a choppy range above 123.00.
  • MACD weakness, failures to cross 100-day EMA keep sellers hopeful.
  • Two-week-old falling trend line adds to the upside filters.

EUR/JPY seesaws in a range between 123.20 and 123.17, currently declining to 123.18, during the pre-European session trading on Monday. The pair managed to extend the late Friday’s recovery moves from 123.01 during the early Asian session but 100-day EMA keeps restricting the short-term upside.

Not only the key EMA but the receding strength of the MACD histogram also suggest that the EUR/JPY sellers are gradually sneaking in.

However, a clear downside below Thursday’s low of 122.84 becomes necessary for the EUR/JPY bears to attack the 61.8% Fibonacci retracement level of the late-June to September 01 upside, near 122.30.

Also acting as the key support is the 122.00 round-figure and October low near 121.60.

Should the EUR/JPY buyers manage to cross the 100-day EMA level of 123.27 on a daily closing basis, a descending trend line from November 09, at 123.75, will probe the further upside.

EUR/JPY daily chart

Trend: Downside expected


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