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FxWirePro: Strong resistance for EUR/JPY at 134.83, good to sell rallies

Tuesday, October 6, 2015 6:51 AM UTC

EUR/JPY rejected at 135.70 on Monday, strong resistance seen today at 134.83 (converging 200 DMA and daily Kijun)
The pair is currently trading at 134.49, with day's highs at 134.88 and lows at 134.40
Weak German factory orders data weighs on the single currency, pushing EUR/JPY lower to its 5-DMA located at 134.43
German factory orders dropped 1.8% in August, missing the estimate of a 0.5% gain
Oct 2 lows at 133.97 is minor support on the downside, breaks below could see the pair drop till 133.55 (trend line support)
On the upside strong resistance is seen at 134.83 (converging 200 DMA and daily Kijun)and then at 135.00 (psychological level)

Recommendation: Good to sell rallies around 134.55, SL: 134.90, TP: 134.00

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FxWirePro: Strong resistance for EUR/JPY at 134.83, good to sell rallies

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