FxWirePro: EUR/JPY bearish structure reaffirmed, short rallies around 132.50, target 131.50

EUR/JPY is persistently trading below trendline support at 133.30 after breaking below on Oct 27th.

• Daily Tenkan & kijun lines are negative aligned, reinforcing the bearish structure, bearish trend is technically reaffirmed by a cross of the 50-day SMA below the 200-day SMA
   
• 131.48 - 58 is a strong support zone on the downside, breaks below 131.48 could take the pair to 129.30 (78.6% retrace of the 141.06-126.08 rise) levels
   
• EUR/JPY is currently trading at 132.25, with immediate resistance at 132.33 (Daily Tenkan) ahead of 132.61 (Session High Nov 13) 

Recommendation: Good to short rallies around 132.50, SL: 133.40 , TP: 131.50, TP2: 130.50

RES: 
R1: 132.33 (Daily Tenkan) 
R2: 132.61 (Session High Nov 13) 
R3: 132.77 (Daily High Nov 10)
R4: 133.00 (Psychological Level)

SUP: 

S1: 132.18 (Nov 9 lows)
S2: 131.97 (Daily Low Oct 28)
S3: 131.81 (61.8 % fibo 126.09-141 Apr 14th to June 9 rise)
S4: 131.34 (161.8% Fibo Oct 9-15 Fall)