- EUR/JPY bounces off strong support at 200W SMA at 129.19, we see weakness only on break below.
- The pair is extending gains for 2nd straight session, trades 0.10% higher on the day.
- Upside now finds stiff resistance at cloud base at 130.53. Price has edged lower from highs at 130.56.
- Technical indicators on weekly charts are bearish. RSI weak below 50 levels and Stochs biased lower.
- Break above cloud base could see further upside. Scope then for test of 20-DMA at 131.72.
- On the downside we see further weakness only on decisive break below 200W SMA at 129.19.
Support levels - 130.05 (5-DMA), 129.19 (200W SMA), 128.94 (March low), 128.85 (38.2% Fib)
Resistance levels - 131, 131.32 (50-DMA), 131.72 (20-DMA)
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -62.1157 (Neutral), while Hourly JPY Spot Index was at -71.5166 (Neutral) at 1200 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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