German IFO business climate and expectations index surprised markets by ticking higher, although major chunk of the optimism was erased by the current assessment index.
- EUR/JPY edged higher on positive expectations index, but was unable to hold gains above 134.64 levels and fell back to trade around 134.48
- EUR/JPY is currently trading at 134.35, with immediate resistance at 134.68 and support on the downside at 133.16 (Sept 23 low)
- Hourly price action is still raging within the cloud, while Stochs show a bearish cross over
- We find it good to sell rallies at 134.40, with stops at 134.70, targeting 134.00
