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  • The EUR/JPY is feeling the pull of gravity in Asia, having charted back-to-back daily doji candles.
  • The bullish exhaustion/indecision signaled by doji candles would gain more credence if the pair closes today below the previous day’s low of 129.39.
  • The bearish daily close is more likely to happen as the currency pair is eroding trendline rising from the Oct. 26 low of 126.63, as can be seen in the 4-hour chart below. Further, the relative strength index (RSI) has turned bearish below 50.00.
  • The corrective rally will likely resume if the spot finds acceptance above the weekly high of 130.15.

Hourly Chart

Trend: Bearish

EUR/JPY

Overview:
       Last Price:  129.33
       Daily change:  -17  pips
       Daily change:  -0.131%
       Daily Open:  129.5
Trends:
       Daily SMA20:  128.89
       Daily SMA50:  129.91
       Daily SMA100:  129.51
       Daily SMA200:  130.27
Levels:
       Daily High:  130.15
       Daily Low:  129.39
       Weekly High:  129.34
       Weekly Low:  127.24
       Monthly High:  132.49
       Monthly Low:  126.63
       Daily Fibonacci 38.2%:  129.68
       Daily Fibonacci 61.8%:  129.86
       Daily Pivot Point S1:  129.21
       Daily Pivot Point S2:  128.92
       Daily Pivot Point S3:  128.46
       Daily Pivot Point R1:  129.97
       Daily Pivot Point R2:  130.43
       Daily Pivot Point R3:  130.72