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FxWirePro: EUR/JPY extends gains above 20-day MA, finds stiff resistance at 113.60

The single currency largely muted on poor German Ifo business climate data. EUR/JPY is extending narrow rangebound trade within a symmetric triangle pattern. 113.65 and 113 are pivotal points, breakout on either side cou…

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FxWirePro: EUR/JPY extends gains above 20-day MA, finds stiff resistance at 113.60
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  • The single currency largely muted on poor German Ifo business climate data.
     
  • EUR/JPY is extending narrow rangebound trade within a symmetric triangle pattern.
     
  • 113.65 and 113 are pivotal points, breakout on either side could provide clear direction.
     
  • Longer term trend remains lower, price action is below major moving averages and RSI remains below 50 level.
     
  • Price action on the day holds above 20-DMA at 113.27, stiff resistance on the upside seen at 113.65 levels.
     
  • Decisive breakout above could see test of 55-EMA at 115.50, on the flipside break below 113 could drag the pair to 112.36.
    ​

Trade Idea: Go long on breakout above 113.65, SL: 113, TP: 114/ 114.70/ 115
 

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