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EUR/JPY recovery capped at 125, slips below 5-DMA, short rallies

FX:EURJPY   Euro Fx/Japanese Yen
303 0 11
EUR/JPY             recovery from multi-year lows at 122.45 (last seen in Apr             2013) was capped at 125 on Friday's trade.

The pair has slipped 5-DMA at 123.90, and finds next strong support at 123.20 ( wedge base).

Doji formation evidenced on Friday's trade, pair unable to take recovery beyond the 125 handle.

Price action well below the cloud and major moving averages biased lower. Break below 123.20 could see test of 122.45 levels (Feb 24th lows).

Good to sell rallies around 123.60 levels, SL: 124.50, TP: 123/122.45

Resistance Levels:

R1: 123.90 (5-DMA)

R2: 124 (psychological level)

R3: 124.61 (Feb 24th highs)

Support Levels:

S1: 123.20 ( Wedge base)

S2: 123 (psychological level, Feb 23rd low)

S3: 122.45 (Feb 24th lows)
Trade closed: target reached
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