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EUR/JPY breaks below 50-DMA, short rallies for 120.60

FX:EURJPY   Euro / Japanese Yen
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EUR/JPY near-term bias has turned bearish after break below 50-DMA .

Price action has dipped into daily cloud.

The pair has dropped to hit fresh 5-day lows at 121.30 after BoJ held rates and revision lower its longer-run inflation forecasts.

We now see scope for test of 120.58 (23.6% Fib retrace of 109.20 to 124.09 rally and Jan 18 low).

Violation there could see test of 118.70 ( trendline support).

Focus now on German retail sales data due to be reported ahead of the European open.

ECB Draghi’s speech, BOJ Kuroda’s presser, German jobs data and Eurozone CPI as well as GDP reports will aslo draw close attention.

Support levels - 121, 120.58 (23.6% Fib retrace of 109.20 to 124.09 rally and Jan 18 low), 118.70 ( Trendline and Dec 5 low)

Resistance levels - 121.65 (cloud top), 121.80 ( 50-DMA ), 122 (5-DMA), 122.95 (Jan 20 high)

Good to go short on rallies around 121.45/60, SL: 122, TP: 121/ 120.60/ 120

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