FxWirePro: EUR/JPY trades well below trendline support, breaks till 131 levels likely

• EUR/JPY tests fresh lows at 132.28 as the single currency remains heavy on dovish Draghi talk, carry demand
  
  
• Daily price action remains well below the cloud and major Moving Averages, and has been consistently capped below the trendline (133.20) since Oct 28th
  
  
• Price action on the weekly charts has also dipped below the cloud, and Techs on weeklies also point South
  
  
• Markit PMI surveys data released earlier pointed to quarterly EZ economic growth of around 0.4 percent, in line with the forecasts
  
  
• EZ business growth remained tepid last month, with ECB's massive stimulus programme having little apparent impact on economic activity or price pressures
  
  
• EUR/JPY is currently trading at 132.41, with immediate resistance at 132.90 (session high), while support is seen at 132.30 (Daily Lows Oct 30/Nov 4)
  
  

Recommendation: Good to sell rallies around 132.70, SL: 133.30, TP1: 132.20, TP2: 131.95 

Resistance Levels:

R1: 132.90 (Session High Nov 4)

R2: 132.93 (Tenkan-Sen)

R3: 133.10 (Daily High Nov 3)

Support Levels:

S1: 132.30 (Daily Lows Oct 30/Nov 4)

S2: 132.00 (Psychological Level)

S3: 131.60 (Daily Low Oct 29)