FXWIREPRO: EUR/JPY Struggles to Extend Gains Above 126 Handle
- EUR/JPY is seeing a small recovery after 2 consecutive sessions of losses, but upside in the pair capped at 126 handle.
- The pair is struggling to extend gains beyond the 126 handle and has currently slipped from session highs to trade around 125.83 levels.
- Upside finds resistance at 126, 126.23 (5-DMA) and further above at 126.60 (trendline). Any bullishness only on breaks above 126.60.
- On the downside supports are aligned at 125.45 (10-DMA), 125.09 (Mar 15th lows) and then 125.01 (Feb 19th lows).
- RSI strength seen and major moving averages are biased higher, but Stochs have rolled over from overbought levels and correction could extend.
- Break above 126.60 could take the pair to 127.17 (50% Fib retrace of 132.287 to 122.058 fall).
The material has been provided by InstaForex Company - www.instaforex.com
