EUR/JPY
The pair has been in a down trend from 143.78 levels. It is trading at 137.90 levels. In Asia's session, the pair opened on a bearish note, opened higher at 138.19 levels. On the down side, the pair has strong support at 137.30 levels (50-week SMA). If the pair breaks this level, it will extend its fall to 136.21, 135.30 and 134 levels, maybe even 130 levels. So, traders can wait patiently until the pair breaks the 50-week SMA. On the upper side, it has initial strong resistance at 140.10 levels. The trading pattern is fixed between 140.10-137.30 levels.
In the daily chart, the pair is framed between 200SMA and EMA. For the last two days, it is taking support at 137.70 levels (small double bottom), below this, it has strong support at 137.60 (200-day EMA). On the upside, the pair has strong resistance at 138.60 (200-day SMA). Once the pair breaches the resistance, it can fly up to 140.13 levels.
NUTSHELL-
Support zone is between 137.60-137.30.
Strong selling is below 137.30.
