FxWirePro: Daily cloud limits EUR/JPY bulls, pair could test 132.13

• EUR/JPY gains post ECB last week was  halted by the daily cloud, the pair has hit lows of 133.44 on the day, after rejection at cloud base by 134.12
   
• There is good scope for a drop back to converged tenkan & kijun lines at 132.13, further weakness cloud expose 131.50 levels
   
• Correction lower on charts, RSI points south, daily Stochs have shown bearish crossover from overbought levels
   
• Immediate resistance is seen at 134.12 (cloud base), while support is located at 133.32 (Dec 4 lows) and then at 132.13 (Tenkan & Kijun-Sen)

Recommendation: Good to sell rallies around 134 levels, SL: 134.60, TP:132.20

Resistance Levels:

R1: 134.00 (Hourly High Dec 7)

R2: 134.13 (Daily Cloud Base)

R3: 134.58 (Daily High Dec 4)

Support Levels:

S1: 133.32 (Dec 4 lows) 

S2: 132.13 (Tenkan & Kijun-Sen)

S3: 131.89 (30-Day MA)