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FxWirePro: EUR/JPY holds major trendline support at 112.51, intraday bias higher

EUR/JPY downside finds strong support by trendline at 112.51. The pair has taken trendline support and bounced higher. After initial volatility post-BoJ, EUR/JPY is on track to test 20-DMA at 114.65. Break above could se…

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FxWirePro: EUR/JPY holds major trendline support at 112.51, intraday bias higher
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  • EUR/JPY downside finds strong support by trendline at 112.51. The pair has taken trendline support and bounced higher.
     
  • After initial volatility post-BoJ, EUR/JPY is on track to test 20-DMA at 114.65.
     
  • Break above could see gains upto 55-EMA at 115.11 and violation there could see test of  trendline at 115.75.
     
  • Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-breaks-major-support-at-11420-good-to-short-rallies-306082) has almost hit all targets.
     
  • EUR/JPY hit lows of 112.51 before bouncing higher, intraday bias higher.
     
  • Major support levels - 114, 113.40 (Sept 20 low), 113.81 (Sept 7 low), 113, 112.78 (Aug 24 low)
     
  • Major resistance levels - 114.65 (20-DMA), 115, 115.11 (55-EMA), 115.75 (trendline)
    ​

Recommendation: Good to long on breakout above 20-DMA at 114.65, SL: 114, TP: 115.10/ 115.75
 

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