FxWirePro: EUR/JPY holds major trendline support at 133 level, further weakness only on break below

• EUR/JPY has taken support at major trendline support at 133 levels and edged higher to currently trade at 133.49 levels.
   
• The pair has slipped below 5W SMA and has closed below 50-DMA on daily charts.
   
• Technical studies on weekly charts are turning bearish. RSI and Stochs are on verge of rollover from overbought levels.
   
• The pair finds next immediate support below 133 at 132.87 (20W SMA).
   
• Breach there raises scope for downside. Downside then targets 131.20 (38.2% Fib retrace of 122.40 to 136.63 rally).
   
• On the flipside, retrace and close above 20-DMA at 134.37 could invalidate bearish bias.

Support levels - 133 (trendline), 132.87 (20W SMA), 132.05 (Dec 15 low), 131.20 (38.2 Fib retrace of 122.40 to 136.63 rally)

Resistance levels - 134, 134.24 (5W SMA), 134.37 (20-DMA), 135

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-JPY-breaks-below-20-DMA-at-13439-dip-till-133-levels-likely-stay-short-1089974) has hit TP1/2.

Recommendation: Book partial profits at lows, trail stop loss to 134. Watch out for break below 133 for further weakness.

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