- EUR/JPY has held 5-DMA support on daily charts, intraday bias higher.
- The pair has shown a break above 100-DMA at 119.51.
- Technical studies are bullish, RSI and Stochs support upside in the pair.
- Next major hurdle for bulls aligns at 20-DMA at 120.08. Break above could see test of 121 levels.
- On the flipside, break below 5-DMA could see test of trendline support at 118.10.
Support levels - 119.51 (100-DMA), 119.18 (5-DMA), 119
Resistance levels - 120.08 (20-DMA), 120.47 (38.2% Fib retrace of 124.09 to 118.23 fall), 121
TIME TREND INDEX OB/OS INDEX
1H Neutral Neutral
4H Bullish Neutral
1D Bullish Neutral
1W Bearish Neutral
Recommendation: Good to go long on dips around 119.60/70, SL: 119.10, TP: 120/ 120.45/ 121
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 16.1971(Neutral), while Hourly JPY Spot Index was at -60.9498 (Bearish) at 1200 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
