FxWirePro: EUR/JPY Hit Fresh 3-Year Lows at 121.71, Finds Strong Support at 121.50

FxWirePro: EUR/JPY Hit Fresh 3-Year Lows at 121.71, Finds Strong Support at 121.50

18 April 2016, 09:36
Roberto Jacobs
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FxWirePro: EUR/JPY Hit Fresh 3-Year Lows at 121.71, Finds Strong Support at 121.50

  • EUR/JPY hit fresh 3-year lows at 121.71 as yen strength across the board weighed heavily on the pair. 
  • Momentum studies are heavily bearish. Weekly charts confirm further downside. 
  • Pair finds strong support at 121.50 (trendline joining 126.09 and 122.06), break below could accentuate downside. 
  • On the flipside, immediate resistance is located at 122 ahead of 122.92 (5-DMA). 

Recommendation: Sell rallies around 122 levels, SL: 122.75, TP: 121.50/121.25/121 

The material has been provided by InstaForex Company - www.instaforex.com



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