EUR/JPY is persistently trading below trendline support at 133.30 after breaking below on Oct 27th.
- The pair is currently struggling to to overcome 131.80 (61.8% retrace of the 141.06-126.08 rise), Daily Tenkan & kijun lines are negative aligned, reinforcing the bearish structure
- 131.48 - 58 is a strong support zone on the downside, breaks below 131.48 will take the pair to 129.30 (78.6% retrace of the 141.06-126.08 rise) levels, However Stochs are at oversold, so caution advised
- EUR/JPY is currently trading at 131.82, with immediate resistance at 132.54 (Session High Nov 12) and support at 131.66 (Daily Low Nov 11)
Recommendation: Good to short rallies around 131.85/90, SL: 132.60, TP1: 131, TP2: 130.50
RES:
R1: 132.54 (Session High Nov 12)
R2: 132.77 (Daily High Nov 10)
R3: 133.00 (Psychological Level)
SUP:
S1: 131.66 (Daily Low Nov 11)
S2: 131.63 (Daily Low Nov 10)
S3: 131.34 (161.8% Fibo Oct 9-15 Fall)
