Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/JPY finds strong support at 100-DMA at 131.28, break below to see further weakness

  • German political developments keep downside pressure on the single currency.
     
  • Euro dented further by dovish comments by the ECB President Mario Draghi.
     
  • EUR/JPY down 0.15% on the day, trade around 131.76 after upside remains capped at 132 handle.
     
  • Downside finds strong support at 100-DMA at 131.28, we see weakness on break below.
     
  • Next major support below 100-DMA lies at 129.86 (23.6% Fib retrace of 114.85 to 134.50 rally).
     
  • On the flipside, immediate resistance lies at 5-DMA at 132.19 ahead of 132.39.

Support levels - 131.28 (100-DMA), 131, 130.60 (Sept 15 low), 129.86 (23.6% Fib retrace of 114.85 to 134.50 rally)

Resistance levels - 132.20 (5-DMA), 132.39 (20-DMA), 133

Call update: We hold by our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-tests-100-DMA-support-at-13121-good-to-go-short-on-decisive-break-below-1017204).

Recommendation: Stay short below 100-DMA.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.