FxWirePro: EUR/JPY holds strong trendline support at 120.70, good to go short on close below
EUR/JPY is attempting recovery from new 3-year lows of 120.32 hit on Thursday. Trend is lower. Pair unable to hold gains above the 121 handle as bid tone around the Japanese currency increases. A falling wedge pattern se…
EUR/JPY is attempting recovery from new 3-year lows of 120.32 hit on Thursday. Trend is lower.
Pair unable to hold gains above the 121 handle as bid tone around the Japanese currency increases.
A falling wedge pattern seen on dailies, major support at 120.70 (wedge base). Break below could see downside to 119.75 and then 119.11.
On the upside, the pair finds major resistance at 121.56 (5-DMA ahead of 122 levels.
US Federal Reserve and the Bank of Japan scheduled to announce their monetary policy decision on June 15 & 16 respectively, major risk events for the pair.
Recommendation: Good to go short on close below 120.70, SL: 121.55, TP: 119.75/119.10
