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FxWirePro: EUR/JPY holds 20-DMA support, 'Bearish Anti Gartley' keeps bias lower

  • EUR/JPY is trading a narrow range on the day, capped below 5-DMA on the upside.
     
  • JPY remains bid as markets witnessed a slight turnaround in risk condition amid a renewed uptick in treasury yields and Asian equities.
     
  • Caution to remain ahead of Comey’s testimony and Trump’s Budget release next week.
     
  • German PPI beat forecasts, but EUR remains muted, focus now on Eurozone Current Account data.
     
  • EUR/JPY has held 20-DMA support at 122.97, break below will see drag lower.
     
  • Bearish 'Anti Gartley' pattern on daily charts, adds downside bias.
     
  • Stochs are biased lower and RSI flat-lined after rollover from overbought levels.

Support levels - 122.97 (20-DMA), 122.25 (23.6% Fib of 114.85 to 124.53 rise), 122

Resistance levels - 124.28 (5-DMA), 124.54 (May 9 high), 124.65 (channel top & May 2016 high)

Call update: We had recommended a short call (http://www.econotimes.com/FxWirePro-5-DMA-caps-upside-in-EUR-JPY-good-to-go-short-on-rallies-709753).

Recommendation: Stay short. Hold for targets.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 3.10099 (Neutral), while Hourly JPY Spot Index was at 83.9531 (Bullish) at 0950 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

 

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