Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/JPY trades below strong support at 129.55, scope for further downside

  • EUR/JPY extends weakness below 200-DMA, trades 0.20% lower on the day at 129.28 levels.
     
  • The pair has broken strong trendline support at 129.55, raises scope for further downside.
     
  • RSI is showing weakness below 50 levels and Stochs are biased lower.
     
  • MACD is well below zero levels and we see -ve DMI dominance which adds downside pressure.
     
  • Price action currently finds minor support at 38.2% Fib at 128.85, break below will accentuate weakness.
     
  • On the flipside, break above immediate resistance at 5-DMA could see retrace till 20-DMA at 130.83.
     
  • We see bearish invalidation only on breakout above 200-DMA.

Support levels - 129, 128.85 (38.2% Fib), 127.56 (Aug 18 low)

Resistance levels - 130.17 (5-DMA), 130.83 (20-DMA), 131

Recommendation: Good to go short on rallies around 129.30/40, SL: 130.20, TP: 129/ 128.85/ 128.

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.