Technical analysis
The price lies below EMA(50) and EMA(100)
The EMA(50) is below EMA(100), which is favourable for bears
The MACD is below 0, with the signal line pointing down
The RSI is below 50, which predicts a decline.
What the possible outcomes are
The Japanese yen gained some fragile gains after the government decided to lift the COVID restrictions in Tokyo and other provinces. The EURJPY pair is bearish on the one-hour chart.
At the moment, the price declines towards the first support level of 131.600. Beneath lies the second support of 131.223.
If the bulls defend the support level of 131.600, the price may reverse towards the resistance level of 132.645. A breakout of that level can push the price higher towards 133.328.
Key levels
Support 131.600 131.223
Resistance 132.645 133.328
