FXWIREPRO: EUR/JPY Breaks Strong Trendline Support at 125.26, Good to Sell Rallies

FXWIREPRO: EUR/JPY Breaks Strong Trendline Support at 125.26, Good to Sell Rallies

6 April 2016, 13:37
Roberto Jacobs
0
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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

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