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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.
