FXWIREPRO: EUR/JPY Breaks Strong Trendline Support at 125.26, Good to Sell Rallies
- 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).
Recommendation: Good to sell rallies around 125.40, SL: 125.90, TP: 125/124.70/124.40
The material has been provided by InstaForex Company - www.instaforex.com