FxWirePro: EUR/JPY holds 100-DMA support, weakness only on break below

• Euro buoyed on Wednesday after Francois Bayou pulled out of the French Presidential race, boosting Macro’s probability of beating anti-Euro Marine Le Pen.
   
• EUR/JPY on Wednesday saw sharp rebound from session lows at 118.59 to close above 100-DMA. 
   
• The pair is trading a narrow range on the day, holds above 100-DMA support currently at 119.35.
   
• Bias remains lower, upside in the pair remains capped by 5-DMA at 119.71. 
   
• Decisive close above 5-DMA could see upside till next major resistance at 120.70 (20-DMA).
   
• Technicals are inconclusive, RSI and MACD are biased lower while Stochs is attempting rollover from oversold levels.

Support levels - 119.35 (100-DMA), 118.80 (Weekly 50-SMA), 117.67 (200-DMA)

Resistance levels - 119.68 (5-DMA), 120.68 (20-DMA), 121.63 (50-DMA)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bearish               Neutral        
4H          Bullish                Neutral        
1D          Bearish               Neutral        
1W         Bearish               Neutral      

Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-holds-major-trendline-support-at-11965-bias-lower-good-to-short-rallies-547650) has achieved all targets.

Recommendation: We prefer to wait for clear indication on technicals.
 
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -97.8873(Bearish), while Hourly JPY Spot Index was at 54.143 (Slightly bullish) at 0710 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.