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FxWirePro: EUR/JPY holds 20-DMA support at 114.02, momentum studies bearish, stay short

EUR/JPY holds strong support by 20-DMA at 114.02, weakness only on break below. Momentum has turned bearish after rejection at 100-DMA, we see scope for further downside. Major support levels - 114.03 (20-DMA), 113, 112.…

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FxWirePro: EUR/JPY holds 20-DMA support at 114.02, momentum studies bearish, stay short
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  • EUR/JPY holds strong support by 20-DMA at 114.02, weakness only on break below.
     
  • Momentum has turned bearish after rejection at 100-DMA, we see scope for further downside.
     
  • Major support levels - 114.03 (20-DMA), 113, 112.85 (trendline), 112.78 (Aug 24 low)
     
  • Major resistance levels - 114.80 (5-DMA), 114.88 (10-DMA), 115, 115.50 (100-DMA)
    ​

Recommendation: Short break below 114, SL: 114.75, target: 113.35/ 112.75/ 112.30
 

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