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FxWirePro: Strong resistance for EUR/JPY around 132.80, good to sell rallies

Friday, December 18, 2015 6:42 AM UTC

Sell-off in Yen post BoJ meeting proved to be short-lived, EUR/JPY spiked to 133.77 levels, but the spike was quickly sold off.
BOJ earlier today kept monetary policy steady as expected. It pledged to increase monetary base at annual pace of 80 trln yen and increase purchases of ETFS.
Techs for the pair point south,falling wedge formation on daily charts, with strong resistance by wedge top around 133.80.
Price action falied at wedge top multiple times, pair unable to break above, daily cloud also weighing on the upside.

Recommendation: Sell rallies around 132.70, SL: 133.80, TP1: 131.55, TP2: 130.70

Resistance Levels:

R1: 133.26 (Daily Cloud Base)

R2: 133.37 (Dec 17 high)

R3: 133.78 (Daily Highs Dec 11, 16)

Support Levels:

S1: 132.23 (Sept 4 lows)

S2: 132.13 (Kijun, 50% 129.67-134.58)

S3: 132.05 (30-Day MA)

S4: 131.55 (61.8% Fibo 129.67-134.58)

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FxWirePro: Strong resistance for EUR/JPY around 132.80, good to sell rallies

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