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 -139.702 (Bearish)
FxWirePro's Hourly JPY Spot Index was at 81.6686 (Bullish)

Technical Analysis: Bias Bearish
- Momentum bearish, RSI below 50, bias lower
- Price action below cloud and daily moving averages
- 5-DMA sharply lower, caps recovery
- MACD has slipped below zero levels and support downside

Support levels - 126.19 (78.6% Fib), 125.46 (88.6% Fib), 123.90 (trendline)
Resistance levels - 127.23 (5-DMA), 127.43 (23.6% Fib), 128.30 (50% Fib)

Recommendation: Good to stay short on upticks, SL: 127.30, TP: 126.20/ 125.50/ 125/ 124

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