• FxWirePro: EUR/JPY finds strong support at 100-dma at 131.28, break below to see further weakness

    Source: FxWire Pro - Technicals / 22 Nov 2017 01:02:06   Eastern Standard Time

    • German political developments keep downside pressure on the single currency.
       
    • Euro dented further by dovish comments by the ECB President Mario Draghi.
       
    • EUR/JPY down 0.15% on the day, trade around 131.76 after upside remains capped at 132 handle.
       
    • Downside finds strong support at 100-DMA at 131.28, we see weakness on break below.
       
    • Next major support below 100-DMA lies at 129.86 (23.6% Fib retrace of 114.85 to 134.50 rally).
       
    • On the flipside, immediate resistance lies at 5-DMA at 132.19 ahead of 132.39.

    Support levels - 131.28 (100-DMA), 131, 130.60 (Sept 15 low), 129.86 (23.6% Fib retrace of 114.85 to 134.50 rally)

    Resistance levels - 132.20 (5-DMA), 132.39 (20-DMA), 133

    Call update: We hold by our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-tests-100-DMA-support-at-13121-good-to-go-short-on-decisive-break-below-1017204).

    Recommendation: Stay short below 100-DMA.

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