Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/JPY struggles at 61.8% Fib, break above eyes weekly 200-SMA at 130.65

  • The single currency trade largely muted ahead of eurozone PMI data due later in the EU session.
     
  • EUR/JPY recovered previous session's dip, and is currently hovering around 5-DMA at 128.53.
     
  • The pair has shown a clear channel breakout last week, bias remains higher.
     
  • Consolidation phase likely for sometime, break above 61.8% Fib will see resumption of upside in the pair.
     
  • Technical indicators are highly bullish, we see weekly 200-SMA at 130.65 as next bull target.
     
  • Weakness seen only on retrace below channel top at 126.25, drag till 20-DMA at 124.88 then likely.
     

Support levels - 128.52 (5-DMA), 126.30 (channel top), 125.82 (weekly 5-SMA)

Resistance levels - 128.88 (61.8% Fib retrace of 141.05 to 109.20 fall), 129, 130.65 (weekly 200-SMA)

Recommendation: Good to go long on break above 128.88, SL: 128, TP: 129/ 130/ 130.65

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.