EUR/JPY Technical Analysis: Potential losses ahead after another rejection at 133.00

• EUR/JPY turned lower after the FOMC meeting, weakened mainly by a stronger Japanese yen.
• The pair rose to test monthly highs post-FOMC but failed to break and again was rejected from 133.00. Near the end of the US session, printed fresh daily lows under 132.50.
• Short-term moving averages are turning south and the upside shows exhaustion so a bearish correction seems likely. Immediate support is seen at 132.30, followed by the weekly low at 131.85/90.
• If the euro bounces and rises back above 132.85, another test of 133.00/10 could be seen. A consolidation on top of 133.10 is needed to open doors to more gains.

EUR/JPY 15-minute hour chart

Spot rate:                   132.40
High:                         133.10
Low:                          132.39

Trend:                      Sideways

Resistance 1:            132.85
Resistance 2:            133.10
Resistance 3:            133.45

Support 1:                132.30
Support 2:                131.90
Support 3:                131.50