FxWirePro: EUR/JPY struggles at major trendline support at 119.60, weakness only on break below

• EUR/JPY is currently trading at 119.84, up 0.08 pct on the day.
   
• The pair is struggling to break below major trendline support at 119.60, we see weakness only on break below. 
   
• Technical studies still support downside in the pair, 100-DMA at 118.62 in sight. Violation there could see test of 200-DMA at 117.82.
   
• Support levels - 119.60 (trendline), 119.45 (Nov 30 low), 119, 118.70 (100-DMA)
   
• Resistance levels - 120.22 (5-DMA), 120.58 (23.6% Fib retrace of 109.20 to 124.09 rally),  121.42 (20-DMA)  
   

Call update: We had advised a short in our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-on-track-to-test-100-DMA-at-11855-good-to-short-rallies-525880)
 

Recommendation: We recommend holding for downside. Bearish invalidation only on close above 5-DMA at 120.22.
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FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -101.307(Highly Bearish), while Hourly JPY Spot Index was at -1.24819 (Neutral) at 0715 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.