FxWirePro: EUR/JPY struggles at 125 handle, good to go short on break below 1H 200-SMA

EUR/JPY chart on Trading View used for analysis

• EUR/JPY struggles to extend gains above 125 mark, intraday bias neutral.
   
• The pair is holding support at 1H 200-SMA and break below will see weakness.
   
• 5-DMA at 124.45 is next immediate support. Close below will see resumption of weakness.
   
• Dip till 50% Fib at 123.35 then likely. Further weakness only on break below.
   
• On the flipside, decisive close above 125 handle to see test of 21-EMA at 125.83.

Support levels - 124.51 (1H 200-SMA), 124.46 (5-DMA), 124, 123.35 (50% Fib)

Resistance levels - 125, 125.83 (21-EMA), 126.15 (20-DMA)

Recommendation: Watch out for break below 1H 200-SMA to go short, target 124/ 123.35

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.