FxWirePro: EUR/JPY holds 100-DMA support, breaks above 5-DMA, bias neutral

• EUR/JPY has taken 100-DMA support and edged higher to currently trade above 132 handle.
   
• The pair has retraced brief dip below 100-DMA at 131.30, has broken above 5-DMA at 131.89.
   
• Upside now finds strong resistance at 20-DMA at 132.34, further upside likely on break above.
   
• Technical studies are neutral, RSI is rising but below 50 levels and -ve DMI dominance continues.
   
• Momentum indicators are also weak and MACD supports trend lower.
   
• Break below 100-DMA will accentuate weakness, scope then for test of 23.6% Fib at 129.86 ahead of 127.56 (Aug 18 low).
   
• On the flipside, break above 20-DMA at 132.38 raises scope for re-test of 61.8% Fib retrace of 149.787 to 109.205 fall at 134.28.

Support levels - 132, 131.88 (5-DMA), 131.32 (100-DMA), 131, 130.60 (Sept 15 low)

Resistance levels - 132.34 (20-DMA), 133, 134.28 (61.8% Fib retrace of 149.787 to 109.205)

Recommendation: Watch out for break above 20-DMA to go long, target 133/ 133.50/ 134/ 134.25

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 103.477 (Bullish), while Hourly JPY Spot Index was at -55.7891 (Neutral) at 0440 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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