EUR/JPY holds major trendline support at 119.65, bias lower, good to short rallies.
EUR attempting a tepid-bounce as markets await fresh cues from the sentiment on the European markets.
German PPI above forecasts, focus now on German Bundesbank monthly report for further impetus amid a light, holiday-thinned trading session today.
After struggling at major trendline resistance for many weeks, EUR/JPY has resumed downside.
Upside remains capped below weekly 5-SMA at 102.92. Bearish invalidation on close above.
Bears eye weekly 50-SMA at 118.80, break below could see test of rising trendline at 116.50.
Technicals on weekly charts are bearish. Stochs are biased lower, MACD shows bearish crossover.
Support levels - 119.21 (100-DMA), 118.80 (Weekly 50-SMA), 117.73 (200-DMA), 116.50 (trendline)
Resistance levels - 120.50 (5-DMA), 121 (20-DMA & weekly 5-SMA), 122.50 (cloud top)
Good to go short on rallies around 120.50, SL: 121.30, TP: 120/ 119.20/ 118.80
EUR attempting a tepid-bounce as markets await fresh cues from the sentiment on the European markets.
German PPI above forecasts, focus now on German Bundesbank monthly report for further impetus amid a light, holiday-thinned trading session today.
After struggling at major trendline resistance for many weeks, EUR/JPY has resumed downside.
Upside remains capped below weekly 5-SMA at 102.92. Bearish invalidation on close above.
Bears eye weekly 50-SMA at 118.80, break below could see test of rising trendline at 116.50.
Technicals on weekly charts are bearish. Stochs are biased lower, MACD shows bearish crossover.
Support levels - 119.21 (100-DMA), 118.80 (Weekly 50-SMA), 117.73 (200-DMA), 116.50 (trendline)
Resistance levels - 120.50 (5-DMA), 121 (20-DMA & weekly 5-SMA), 122.50 (cloud top)
Good to go short on rallies around 120.50, SL: 121.30, TP: 120/ 119.20/ 118.80
Cloud base is strong support at 118.90.
Break below will see drag upto 117.80