- EUR/JPY edges lower from session highs at 118.06, hovers around 200-DMA at 117.68.
- Data released earlier on Monday showed EU Sentix Investor Confidence came in at 23.9 in April, beat forecasts at 21.
- The single currency largely unchanged after the release, EUR/JPY hovers around 117.80.
- IMM data for the week ended 04 April showed leveraged funds’ net short JPY positions continued to fall for the second consecutive week.
- Technical studies are bearish, pair could accelerate slide on a sustained break through 117.50 support (major trendline).
- The single currency remains weak, after Draghi squashed rate rise hopes last week.
Support levels - 117.50 (trendline), 117, 116.65 (50% Fib), 116.25 (Nov 17 low)
Resistance levels - 117.89 (5-DMA), 118.40 (38.2% Fib retrace of 109.20 to 124.09 rally), 118.79 (Apr 5 high)
TIME TREND INDEX OB/OS INDEX
1H Bearish Neutral
4H Neutral Neutral
1D Bearish Neutral
1W Bearish Neutral
Recommendation: Good to go short on decisive break below 117.50, SL: 118.40, TP: 116.65/ 116.25/ 116
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -51.763(Neutral), while Hourly JPY Spot Index was at -30.7285 (Neutral) at 0830 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
