FxWirePro: EUR/JPY struggles at major trendline support at 117.50, good to go short on break below

• EUR/JPY reversed spike to 118.15 amid risk-off after reports of US missile launch on Syria.
   
• Demand for safe-haven Japanese Yen strengthened, EUR/JPY hit lows of 117.31 before paring some losses to currently trade at 117.68.
   
• Technical studies are bearish, pair could accelerate slide on a sustained break through 117.50 support (major trendline).
   
• The single currency remains weak, after Draghi squashed rate rise hopes on Thursday. 
   
• German industrial production and trade balance numbers due for release later today along will Trump-Xi meeting will be in focus.

Support levels - 117.50 (trendline), 117, 116.65 (50% Fib), 116.25 (Nov 17 low)

Resistance levels - 118.01 (trendline), 118.40 (38.2% Fib retrace of 109.20 to 124.09 rally), 118.79 (Apr 5 high)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bearish               Neutral       
4H          Bullish                Neutral       
1D          Bearish               Neutral        
1W         Bearish               Neutral   

Recommendation: Good to go short on decisive break below 117.50, SL: 118.40, TP: 116.65/ 116.25/ 116

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 0.900424 (Bearish), while Hourly JPY Spot Index was at 126.741 (Bullish) at 0830 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.