- EUR/JPY reversed spike to 118.15 amid risk-off after reports of US missile launch on Syria.
- Demand for safe-haven Japanese Yen strengthened, EUR/JPY hit lows of 117.31 before paring some losses to currently trade at 117.68.
- 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 on Thursday.
- German industrial production and trade balance numbers due for release later today along will Trump-Xi meeting will be in focus.
Support levels - 117.50 (trendline), 117, 116.65 (50% Fib), 116.25 (Nov 17 low)
Resistance levels - 118.01 (trendline), 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 Bullish 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 0.900424 (Bearish), while Hourly JPY Spot Index was at 126.741 (Bullish) at 0830 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
