- EUR/JPY edges lower from 10-week highs at 131.53 and is currently trading at 131.23 levels.
- Technical indicators support upside in the pair, scope for test of 200-DMA at 131.90.
- Momentum with the bulls. RSI strong at 65 levels, MACD and ADX support trend higher.
- Price action has broken above 110-EMA and is holding above 50% Fib retracement.
- Next major resistance lies at 200-DMA at 131.90. Break above to see further upside till 61.8% Fib at 132.58.
- On the flipside, 5-DMA at 130.78 is immediate support. Break below 110-EMA will negate bullish bias.
Support levels - 131.06 (50% Fib), 130.78 (5-DMA), 130.30 (110-EMA)
Resistance levels - 131.90 (200-DMA), 132, 132.58 (61.8% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-JPY-edges-lower-from-7-week-highs-at-13060-bias-higher-stay-long-on-dips-1400944) has hit TP1/2.
Recommendation: Book partial profits, trail SL to 130.55, hold for 131.90/ 132/ 132.55
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -32.9275 (Neutral), while Hourly JPY Spot Index was at 27.0931 (Neutral) at 0745 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
