FxWirePro
Short

EUR/JPY breaks below 200-DMA, stay short on upticks

FX:EURJPY   Euro / Japanese Yen
Concerns over the Italian fiscal sector, particularly around the recently announced 2.4% budget deficit, keep the single currency dented.
The Italian 10 year bond yield gone up by more than 25% in past three trading days. German and Italian 10 year spread highest in 3 weeks.
EUR/JPY trades 0.80% lower on the day, at 130.82 at the time of writing, intraday bias bearish .
The pair has broken strong support at 131 levels (converged 21-EMA and 200-DMA ), further weakness likely.
5-DMA is downward sloping and we see upside only on close above.

Support levels - 131 (converged 21-EMA and 200-DMA ), 130.08 (55-EMA), 129.23 (May 8 low)
Resistance levels - 131.82 (5-DMA), 132

Good to go short on upticks, SL: 131.85, TP: 130/ 129.25/ 129
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