Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/JPY finds strong support at 20-DMA, eyes channel top at 126.20

  • EUR/JPY trades with a bullish bias, finds strong support at 20-DMA at 123.97.
     
  • The pair is trading in a rising channel and we see scope for upside on daily charts.
     
  • Momentum studies are bullish, bulls now target channel top at 126.20. 
     
  • Violation at channel top could see test of 61.8% Fib of 141.05 to 109.20 fall at 128.88.
     
  • Data released earlier today showed German Ifo June expectations index rose better than expected to 106.8 from 106.5 in the previous month.
     
  • German Ifo June current conditions index also rose to 124.1 beating forecasts at 123.3 and compared to a revised 123.3 in the previous month.
     

Support levels - 124.39 (5-DMA), 123.97 (20-DMA), 123.11 (50-DMA)

Resistance levels - 125, 125.31 (June 2nd high), 125.80 (May 25 high), 126.25 (channel top)

Recommendation: Good to go long on dips around 124.65/75, SL: 124, TP: 125/ 125.30/ 125.80/ 125.25

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.