FxWirePro: EUR/JPY uptrend stalls at falling trendline resistance, further bullishness only on break above
EUR/JPY uptrend from 126 lows (Jan 21st) is stalling by strong trendline resistance at 132 levels. A clean break above is needed for further upside, but Techs are not providing much support, Stochs are in overbought terr…
EUR/JPY uptrend from 126 lows (Jan 21st) is stalling by strong trendline resistance at 132 levels.
A clean break above is needed for further upside, but Techs are not providing much support, Stochs are in overbought territory, a reason for caution.
Daily cloud (currently spanning between 132.26 and 133.20) weighs on the topside, also Doji formation seen at highs suggests some correction lower.
Immediate support is seen by 131.25 (Feb 1st lows) and then 5-DMA at 130.75. On the other side resistance is seen at 132 (falling trendline) ahead of 132.26 (cloud base).
Recommendation: Good to sell rallies around 131.70/75, SL: 132.25, TP: 131/130.75
