FxWirePro: EUR/JPY Daily Outlook

EUR/JPY chart on Trading View used for analysis

• EUR/JPY trades 0.17% higher on the day at 124.61 at 0450 GMT.
   
• Major trend in the pair is bearish. Recovery finds stiff resistance at 124.95 (20-DMA).
   
• Break above 20-DMA could see further upside.
   
• Technical studies on intraday charts are slightly bullish.
   
• Price is currently hovering around strong trendline support at 124.65.
   
• Break above 124.65 could see gains upto 20-DMA at 124.95.
   
• For a long-term, we would recommend going short on rallies.

Support levels - 124.27 (5-DMA), 123.35 (50% Fib)

Resistance levels - 124.65 (trendline), 124.95 (20-DMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.