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- EUR/JPY is extending consolidation phase below weekly 200-SMA at 130.60. We see further bullishness only on break above.
- Political uncertainty in the US keeps risk-off in markets, supporting the yen on one hand.
- While on the other, weak Japanese manufacturing growth and reduction in JGB purchases by the BoJ keep the yen subdued.
- Break above weekly 200-SMA raises scope for test of 134.24 (78.6% Fib retrace of 141.05 to 109.205 fall).
- Momentum studies are bullish, RSI strong around 68 and MACD supports uptrend.
- 20-DMA at 129.08 is strong support, break below could see minor weakness upto 126 levels.
- Focus now on PMI numbers form the eurozone, better-than-expected German and EZ PMI numbers could support the euro higher.
Support levels - 129.51 (5-DMA), 129.08 (20-DMA), 128.88 (60.8% Fib retrace of 141.05 to 109.20 fall)
Resistance levels - 130, 130.60 (weekly 200-SMA), 132 (Feb 2016 high)
Recommendation: Watch out for break above weekly 200-SMA to go long.
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