FxWirePro: EUR/JPY finds stiff resistance at 124.71, further upside only on break above
EUR/JPY chart on Trading View used for analysis EUR/JPY edges higher from session lows at 124.224 to currently trade at 124.515, up 0.23% on the day. The pair has taken a breather after 4 successive days of falls, bias s…
EUR/JPY edges higher from session lows at 124.224 to currently trade at 124.515, up 0.23% on the day.
The pair has taken a breather after 4 successive days of falls, bias still bearish.
Earlier this month, the European Commission revised lower its 2019 German growth forecast to 1.1 percent from a previous forecast of 1.8 percent.
The move has triggered fears of a recession in the Eurozone's largest economy of the world.
The single currency may garner more support if the German and Eurozone first quarter GDP, scheduled for release this Thursday, beats estimates, putting recession fears to rest.
Technical indicators do not support significant gains in the pair.
Immediate strong resistance is seen at 124.71 (nearly converged 5 and 20 DMAs). Decisive breakout at 55-EMA could see further gains.
On the flipside, we see little support till lower Bollinger band at 123.79. Further weakness to see test of 123.39 (Jan 15 low) ahead of 120.01 (61.8% Fib)
