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FxWirePro: EUR/JPY intraday bias lower, short rallies, target 114.20

EUR/JPY is attempting a tepid recovery from session lows at 114.43. Intraday bias lower, upside capped by 5-DMA at 114.82. We see scope for test of 114.20 (major trendline support). Further weakness only on break below. …

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FxWirePro: EUR/JPY intraday bias lower, short rallies, target 114.20
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  • EUR/JPY is attempting a tepid recovery from session lows at 114.43.
     
  • Intraday bias lower, upside capped by 5-DMA at 114.82.
     
  • We see scope for test of 114.20 (major trendline support).
     
  • Further weakness only on break below. Test of 112.30 levels then likely.
     
  • Major support levels - 114.20 (trendline), 114, 113.81 (Sept 7 low), 113
     
  • Major resistance levels - 114.64 (50-DMA), 114.81 (5-DMA), 114.91 (10-DMA)
    ​

Recommendation: Good to sell rallies around 114.70, SL: 115, TP: 114.20
 

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