FxWirePro: Strong support for EUR/JPY at 129.67, breaks below could target 128.85

• EUR/JPY fell sharply after recent consolidation ended, hit session lows at 129.74 and has since pared some losses to currently trade at 129.94
   
• The pair has strong support at 129.67 (Nov 27 lows), breaks below could target 128.85 (rising trendline support)
   
• Moving averages trend lower, Momentum studies also point south. Daily stochs are in oversold zone and RSI is at 33 with room for further downside
   
• If we get the bounce we need around 130 levels, we'll target November low near 129.67 and then 128.85 (rising trendline support), placing stops at 130.75
   

 

Resistance Levels:
R1: 130.75 (session high Jan 4)

R2: 131 (psychological level)

R3: 131.16 (5-DMA)

Support Levels:

S1: 129.67 (Nov 27 lows)

S2: 128.85 (Rising trendline)

S3: 128.24 (Apr 9th lows)