EUR/JPY Price Analysis: Bears engage at the 10-day SMA

• EUR/JPY is embarking on a downside extension from weekly resistance. 
• The bears are engaging below the 10-day SMA.

EUR/JPY has been rising into a key supply area for the best part of 2021 following a series of uninterrupted monthly higher closes.

However, the price is due for a downside correction and the following analysis illustrates that the cross is in the throes of a daily downside continuation. 

EUR/JPY weekly chart

The weekly chart is showing resistance.

EUR/JPY daily chart

The price has completed a significant upside correction on the daily chart and it would now be expected to move lower in a downside extension, at least to prior resistance.