FxWirePro
Short

EUR/JPY uptrend stalls at falling trendline, sell rallies

FX:EURJPY   Euro Fx/Japanese Yen
272 0 2
10 months ago
EUR/JPY             uptrend from 126 lows (Jan 21st) is stalling by strong trendline resistance at 132 levels.

A clean break above is needed for further upside, but Techs are not providing much support, Stochs are in overbought territory, a reason for caution.

Daily cloud (currently spanning between 132.26 and 133.20) weighs on the topside, also Doji formation seen at highs suggests some correction lower.

Immediate suppport is seen by 131.25 (Feb 1st lows) and then 5-DMA at 130.75. On the other side resistance is seen at 132 (falling trendline) ahead of 132.26 (cloud base).

We would sell rallies around 131.70/75, SL: 132.25, TP: 131/130.75
10 months ago
Trade closed: target reached
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