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EUR/JPY chart on Trading View used for analysis
- EUR/JPY pauses downside at major support at 127.60 (200-W SMA and major trendline).
- The pair is trading below 200-DMA and intraday bias bearish.
- Technical indicators are biased lower. RSI is below 50 and Stochs are biased lower.
- Break below 127.65 to see downside till 126.63. Further weakness to see test of 124.90.
- On the flipside, 5-DMA is immediate resistance at 128.34. Breakout at 55-EMA to see test of 200-DMA at 129.76.
Support levels - 127.60 (converged 200-W SMA and major trendline), 126.63 (Oct 26 low)
Resistance levels - 128.34 (5-DMA), 129.76 (200-DMA)
Recommendation: Good to go short on break below 127.60, SL: 128.35, TP: 127/ 126.63/ 126
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
