EUR/JPY capped below 50-DMA, good to short rallies
BOJ governor Kuroda’s hawkish comments increase demand for Yen in Asian session.
Kuroda played down necessity for more easing in the short-term, thus squashing hopes of any surprise next week.
EUR/JPY capped below 50-DMA resistance at 114.18, further gains can be seen only on break above.
Hourly charts show bearish 5-DMA crossover on 20-DMA.
Pair is currently holding minor support by 1H 50-SMA at 113.72. Break below could see drag upto 113.55 (trendline).
Violation there could see next major support at 113.26 (session low Oct 26).
Major support levels - 113.72 (1H 50-SMA), 113.55 (trendline), 113.26 (session low Oct 26).
Major resistance levels - 113.92 (1H 20-SMA), 114, 114.18 (50-DMA)
Good to sell rallies around 113.90/95, SL: 114.35, TP: 113.55/ 113.25
Bearish invalidation above 20-DMA at 114.32. Upside could then see 115.75 (major trendline resistance).
Kuroda played down necessity for more easing in the short-term, thus squashing hopes of any surprise next week.
EUR/JPY capped below 50-DMA resistance at 114.18, further gains can be seen only on break above.
Hourly charts show bearish 5-DMA crossover on 20-DMA.
Pair is currently holding minor support by 1H 50-SMA at 113.72. Break below could see drag upto 113.55 (trendline).
Violation there could see next major support at 113.26 (session low Oct 26).
Major support levels - 113.72 (1H 50-SMA), 113.55 (trendline), 113.26 (session low Oct 26).
Major resistance levels - 113.92 (1H 20-SMA), 114, 114.18 (50-DMA)
Good to sell rallies around 113.90/95, SL: 114.35, TP: 113.55/ 113.25
Bearish invalidation above 20-DMA at 114.32. Upside could then see 115.75 (major trendline resistance).