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FxWirePro: EUR/JPY finds major resistance near 116, good to sell rallies

  • EUR/JPY pivotal near major 100-day MA resistance around 116 levels.
     
  • We see further upside only on breach above.
     
  • Technicals are not conclusive and do not have a clear directional bias.
     
  • Stochs are in overbought territory and RSI has turned south.
     
  • A decisive breakout above 100-DMA could see test of 118.40 levels. 
     
  • On the flip side, rejection there could see drag till 112 levels.
     
  • Major support levels - 115.11 (Oct 5 low), 115, 114.96 (5-DMA), 114.06 (20-DMA)
     
  • Major resistance levels - 115.91 (100-DMA), 116, 116.80 (110-EMA) 

Recommendation: Good to sell rallies around 116, SL: 116.80, TP: 115.11, 115, 114
 

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