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FxWirePro: EUR/JPY holds major support at 127.65, good to stay short on break below

EUR/JPY chart on Trading View used for analysis

  • EUR/JPY pauses downside at major support at 127.60 (200-W SMA and major trendline).
     
  • The pair is trading below 200-DMA and intraday bias bearish.
     
  • Technical indicators are biased lower. RSI is below 50 and Stochs are biased lower.
     
  • Break below 127.65 to see downside till 126.63. Further weakness to see test of 124.90.
     
  • On the flipside, 5-DMA is immediate resistance at 128.34. Breakout at 55-EMA to see test of 200-DMA at 129.76.

Support levels - 127.60 (converged 200-W SMA and major trendline), 126.63 (Oct 26 low)

Resistance levels - 128.34 (5-DMA), 129.76 (200-DMA)

Recommendation: Good to go short on break below 127.60, SL: 128.35, TP: 127/ 126.63/ 126

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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