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