- EUR/JPY edges higher from session lows at 132.36, break below 110-EMA keeps scope for downside.
- The major has slipped below 133 handle and is currently trading at 132.85, down 0.22% on the day.
- Technical indicators support weakness. Next likely bear target lies at 200-DMA at 130.85.
- MACD has shown a bearish crossover and RSI biased south. We see -ve DMI dominance on daily charts and ADX rising.
- Price action finds stiff resistance at 100-DMA at 133.59, we see bearish invalidation on decisive break above.
Support levels - 132.15 (23.6% Fib 114.851 to 137.506 rally), 131.16 (Nov 20 low), 130.85 (200-DMA)
Resistance levels - 133.06 (110-EMA), 133.59 (100-DMA), 133.90 (cloud base)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-JPY-Trade-Idea-1144897) has hit TP1.
Recommendation: Bias lower, stay short
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
