EUR/JPY will be one of the key markets to watch today in the New York session. The overall long term trend in this market is still down as the short term moving averages (10 and 20) are still below the longer term moving averages (50,100 and 200). The tenkan-sen is below the kijun-sen as well and the Chikou sen continues to stay below the candlesticks which adds fuel to the bears. The parabolic SAR is also supporting the bears.The current support level is at 136.85 and resistance at 137.05. There’s a pin bar candlestick pattern that formed earlier today at the 137.05 resistance but after that, the price printed another inside bar which shows the market is still in indecisive. If the price breaks above the 137.05 resistance level in todays New York session, we could possibly see higher upside movement coming in. On the flip side, if the price could not pass through the 137.05 resistance level, we could probably then see price move lower from there.