Chatter regarding BOJ intervention, in a bid to halt the yen appreciation, has started doing the rounds again.
The pair saw upticks to 75.89, but the pair has edged lower to currently trade at 75.16.
5-DMA is strong resistance on the upside, capping gains in the pair, any bullishness can be seen only on breaks above.
Downside looks vulnerable, momentum is with the bears, and Stochs are biased lower, tests of 73 levels likely.
Markets continue to track the headlines from Japan and the BOJ for fresh incentives on the Yen.
We would sell rallies around 75.40, SL: 76, TP: 74.45/73.65/73.20
R1: 75.87 (5-DMA)
R2: 76.0 ( - Feb 11th and Jan 18th)
R3: 76.78 (Feb 10th highs)
S1: 74.45 (Sept 7th lows)
S2: 73.65 (Jan 20th lows)
S3: 73.20 (Feb 11th lows)