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FxWirePro: EUR/JPY momentum turns bearish after rejection at 100-DMA, bias lower, stay short

Wednesday, October 12, 2016 6:28 AM UTC

EUR/JPY is extending downside after rejection at 100-DMA resistance.
Momentum has turned bearish, we see scope for further downside.
The pair is currently holding 20-DMA support at 114 levels, break below could see drag upto 112.30.
Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-finds-major-resistance-near-116-good-to-sell-rallies-335612) has achieved all targets.
Major support levels - 114.04 (20-DMA), 113.35 (trendline), 113, 112.78 (Aug 24 low)
Major resistance levels - 114.76 (10-DMA), 115.06 (5-DMA), 115.59 (100-DMA), 115.79 (Oct 11 high)

Recommendation: Book partial profits, lower trailing stops to 114.75, target: 113.35/ 112.75/ 112.30

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FxWirePro: EUR/JPY momentum turns bearish after rejection at 100-DMA, bias lower, stay short

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