FxWirePro
Short

EUR/JPY - call update

FX:EURJPY   Euro / Japanese Yen
257 0 4
Our EUR/JPY             short call (link below) has reached targets

EUR/JPY             has hit lows of 130.56 during the day and has recovered slightly to currently trade at 130.92. Deeper losses in EUR/JPY             likely in the days ahead. We recommend fading rallies.

Better-than-expected German and EZ PMIs released earlier largely ignored by the EUR bulls, who wait on the sidelines on fears of more ECB easing.

The anticipated quantitative easing expansion by ECB will weigh on EUR taking the pair lower. Risk is for eventual losses upto 129.30 - 78.6 % Fibo of 126.08-141.06 rise.

There is a risk of intra-day             squeeze higher. An hourly close above 130.97 will lead to a stronger recovery (130.97 is 23.6% retrace of the 132.26-130.57 - fall).

Daily Stochs and RSI are at oversold, some unwinding from lows likely in the near-term, immediate resistance is seen at 131.30 (5 DMA), while support is located at 130.57 (Session Low Nov 23).

We would be looking to fade recovery attempts in the pair around 131.50, place stops at 132.0, TP: 129.40

Resistance Levels:

R1: 131.30 (5 DMA)

R2: 131.93 (Daily High Nov 20)

R3: 132.26 (Daily High Nov 19)

R4: 132.59 (Daily High Nov 13)

Support Levels:

S1: 130.57 (Session Low Nov 23)

S2: 130.28 (Daily Low Apr             29)

S3: 130.00 (Psychological Level)

S4: 129.30 (78.6 % of 126.08-141.06)
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