FXWIREPRO: EUR/JPY Holds Above Channel Base Support at 124.25, Weakness Only on Breaks Below
8 March 2016, 08:43
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FXWIREPRO: EUR/JPY Holds Above Channel Base Support at 124.25, Weakness Only on Breaks Below
- EUR/JPY upside capped at 125 levels which is strong resistance for the pair.
- Downside for now is holding above channel base support at 124.25, breaks below could accentuate weakness, tests of 122.45 levels then likely.
- Techs show scope for upside is rising:- We see a bullish 5-DMA crossover on the 10-DMA- Daily Stochs and RSI have rolled over from oversold levels and biased higher- MACD line has shown a bullish crossover on the signal line
Recommendation: We would recommend taking long positions on close above 125, SL: 124.35, TP: 125.55/126
Resistance Levels: R1: 125 R2: 125.58 (Mar 4th highs) R3: 125.96 (Feb 19th high)
Support Levels: S1: 124.52 (5-DMA) S2: 125.24 (Channel base) S3: 124 (Psychological level)
The material has been provided by InstaForex Company - www.instaforex.com
