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FxWirePro: EUR/JPY breaks below 21-EMA and trendline support, eyes 38.2% Fib at 124.187

EUR/JPY chart - Trading View 

  • EUR/JPY is extending break below 21-EMA, breaks major trendline support at 125.20.
     
  • The pair is trading 0.23% lower on the day at 124.84 at 0700 GMT, bias bearish.
     
  • Price action has slipped below daily cloud and technical studies support downside.
     
  • RSI is below 50 and biased lower. Stochs are sharply lower and MACD is showing a bearish crossover.
     
  • Next major support lies at 38.2% Fib at 124.18. Further weakness can see test of Mar 28 lows at 123.65.
     
  • On the flipside, immediate resistance lies at 21-EMA at 125.54. Breakout at 200W SMA negates bearish bias. 

Support levels - 124.18 (38.2% Fib), 123.65 (Mar 28 low), 123.16 (50% Fib)

Resistance levels - 125.25 (trendline), 125.54 (21-EMA), 126.13 (110-EMA)

Recommendation: Good to go short on upticks, SL: 125.55, TP: 124.20/ 123.65/ 123.20

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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