FxWirePro: EUR/JPY edges higher from session lows, good to sell on rallies

• EUR/JPY fell to 113.91, the lowest since July 12 after BoJ disappointed by holding interest rates, JGB purchases and monetary base unchanged.
   
• The pair has edged higher from lows to currently trade around 114.68 levels.
   
• Technicals are bearish, Stochs and RSI are biased lower, MACD is on the verge of a bearish crossover on signal line.
   
• Stiff resistance on the upside  - 117.15 (trendline) and then 117.72 (50-DMA). Bearish invalidation only on break above.
   
• Downside finds next major support at 113.30, violation there opens scope for test of 112.40 levels.
  ​

Recommendation: Good to sell rallies around 115 levels, SL: 116.50, TP: 114/ 113.30/ 113/ 112.40