EUR/JPY Technical Analysis: Seems vulnerable to extend the ongoing downfall

   •  The cross continues losing ground for the fifth consecutive session and has been falling alongside a downward sloping trend-channel formation on the 1-hourly chart.

   •  Mixed Euro-zone PMIs did help the cross to defend the trend-channel support, albeit technical set-up clearly suggests an extension of the near-term downfall. 

   •  The cross remains below 50/100/200-hour SMA and technical indicators are also holding in negative territory, reinforcing the near-term bearish outlook. 

EUR/JPY 1-hourly chart

Spot rate: 129.98
Daily High: 130.38
Daily Low: 129.74
Trend: Bearish

Resistance
R1: 130.45 (trend-channel hurdle)
R2: 130.80 (100-period SMA H1)
R3: 131.16 (R2 daily pivot-point)

Support
S1: 129.74 (current day swing low)
S2: 129.21 (50-day SMA)
S3: 128.90 (S3 daily pivot-point)