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