FxWirePro: EUR/JPY Trade Idea

Refer EUR/JPY chart on Trading View

FxWirePro Currency Strength Index for EUR/JPY: Bias Bearish
FxWirePro's Hourly EUR Spot Index was at -97.3355 (Bearish)
FxWirePro's Hourly JPY Spot Index was at 123.889 (Bullish)

Technical Analysis: Bias Bearish
- Price has broken below 50-DMA
- Price action dips into daily Ichimoku cloud
- Stochs and RSI sharply lower
- DMI supports downside and Bollinger bands are widening

Support levels - 128, 127.66 (23.6% Fib), 127.14 (June 28 low)
Resistance levels - 129, 129.22 (50-DMA), 129.78 (21-EMA)

Recommendation: Good to go short on upticks around 128.60/80, SL: 129.55, TP: 128/ 127.70

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