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