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FxWirePro: EUR/JPY breaks major resistance at 113.10, gains till 114.80 likely

EUR/JPY turns positive after holding strong trendline support at 112.34 levels. On the upside the pair has broken major resistance at 113.10, intraday bias higher. We see scope for test of 114.18 (20-DMA) levels. Break a…

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FxWirePro: EUR/JPY breaks major resistance at 113.10, gains till 114.80 likely
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  • EUR/JPY turns positive after holding strong trendline support at 112.34 levels.
     
  • On the upside the pair has broken major resistance at 113.10, intraday bias higher.
     
  • We see scope for test of 114.18 (20-DMA) levels. Break above could see further upside to 114.80 and then 115.32 (50-DMA).
     
  • The pair is trading with a bearish trend. Only break above 50-DMA currently at 115.32 negates bearish bias.
     
  • On the flipside, break below 112.30 (Aug 5th low) will drag the pair to 111.90/ 111.40/ 111 levels. 
    ​

Trade idea: Good to go long on dips around 113.60, SL: 113, TP: 114.20/ 114.80
 

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