EURJPY breaks strong trendline support at 125.26, targets 124.40
EUR/JPY is retreating from last week’s tops just above 128.00, and has breached strong trendline support at 125.26.
Momentum studies are bearish, confirming further downside in the pair.
Immediate support is seen at 125, breaks below will take the pair to next supports at 124.67 (Mar 22nd lows) and then 124.41 (61.8% Fib retrace of 112.058 to 128.221 rise).
Cloud base at 125.89 is strong resistance on the topside ahead of 125.96 (Feb 19th highs).
Good to sell rallies around 125.40, SL: 125.90, TP: 125/124.70/124.40
Momentum studies are bearish, confirming further downside in the pair.
Immediate support is seen at 125, breaks below will take the pair to next supports at 124.67 (Mar 22nd lows) and then 124.41 (61.8% Fib retrace of 112.058 to 128.221 rise).
Cloud base at 125.89 is strong resistance on the topside ahead of 125.96 (Feb 19th highs).
Good to sell rallies around 125.40, SL: 125.90, TP: 125/124.70/124.40
Trade active:
All targets hit. Pair has tested lows @ 124.37.
Downside seems to be pausing at 61.8% Fib. Momentum still with the bears.
Break below 124.25 (Mar 7th lows) will accentuate downside.
Scope then for test of 78.6% Fib at 123.37.
Book partial profits, lower stops to 125, target 124.25/124/123.85
Downside seems to be pausing at 61.8% Fib. Momentum still with the bears.
Break below 124.25 (Mar 7th lows) will accentuate downside.
Scope then for test of 78.6% Fib at 123.37.
Book partial profits, lower stops to 125, target 124.25/124/123.85
