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FxWirePro: EUR/JPY reverses downside to 117.31, retakes 118 handle, awaits ZEW data for further impetus

EUR/JPY rebounds from lows of 117.31, retakes 118 handle, intraday bias higher. Downside remains capped as the yen continues to weaken amid higher Asian equities, providing support to the cross. Techs support further ups…

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FxWirePro: EUR/JPY reverses downside to 117.31, retakes 118 handle, awaits ZEW data for further impetus
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  • EUR/JPY rebounds from lows of 117.31, retakes 118 handle, intraday bias higher.
     
  • Downside remains capped as the yen continues to weaken amid higher Asian equities, providing support to the cross.
     
  • Techs support further upside in the pair. We see a bullish Stochastics crossover from oversold levels and RSI is biased higher.
     
  • The pair has held above major trendline support at 116.75 levels and weakness to resume only on breaks below.
     
  • Immediate support hourly 100-SMA at 118.00, and resistance on the upside is seen at 118.65 levels.
    ​

Recommendation: Good to buy dips around 118.20, SL: 117.80, TP: 118.65/ 118.85/ 119
 

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