FxWirePro: EUR/JPY holds above channel base support at 124.25, weakness only on breaks below
EUR/JPY upside capped at 125 levels which is strong resistance for the pair. Downside for now is holding above channel base support at 124.25, breaks below could accentuate weakness, tests of 122.45 levels then likely. T…
EUR/JPY upside capped at 125 levels which is strong resistance for the pair.
Downside for now is holding above channel base support at 124.25, breaks below could accentuate weakness, tests of 122.45 levels then likely.
Techs show scope for upside is rising:
- We see a bullish 5-DMA crossover on the 10-DMA - Daily Stochs and RSI have rolled over from oversold levels and biased higher - MACD line has shown a bullish crossover on the signal line
Recommendation: We would recommend taking long positions on close above 125, SL: 124.35, TP: 125.55/126
