EUR/JPY Technical Analysis: correction lower continues. Upside bias unchanged above support line.

• EUR/JPY is extending the leg lower for the fifth straight session today, briefly testing lows in the 129.70 area albeit regaining 130.00 the figure later.
• The cross is eroding the key resistance area around 130.40, or June peaks, although it still manages to keep business above the daily cloud (bullish) and the short-term support line (around 1280.90), which should keep alive another potential test of the 132.00 neighbourhood.
• Additionally, the daily RSI is around 50, while the ADX at 20 denotes a somewhat weak trend.

EUR/JPY daily chart

Daily high: 130.39

Daily low: 129.74

Support Levels

S1: 129.79

S2: 129.38

S3: 128.90

Resistance Levels

R1: 130.68

R2: 131.16

R3: 131.56