FxWirePro: EUR/JPY hovers around 200-DMA, good to go short on close below 117.50

• 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.