FxWirePro: EUR/JPY Gains on Broad Yen Weakness, Finds Major Resistance at 124.96

FxWirePro: EUR/JPY Gains on Broad Yen Weakness, Finds Major Resistance at 124.96

22 April 2016, 10:04
Roberto Jacobs
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FxWirePro: EUR/JPY Gains on Broad Yen Weakness, Finds Major Resistance at 124.96

  • Yen weak across the board on the news that BOJ will discuss negative-rates with banks. 
  • EUR/JPY spiked almost 50-pips to hit session highs at 124.95, 124.96 is 50% Fib of 128.22 to 121.71 fall and tough resistance for the pair. 
  • Daily Techs support upside, break above 125 could see gains upto 125.70 levels. 
  • Markets now await a string of manufacturing and services PMIs from the Euro area due ahead for fresh impetus on the cross. 
  • Resistance is seen at 124.96 (50% Fib), 125.14 (cloud base) and 125.30 (Apr 7th highs). 
  • Supports on the downside are located at 123.89 (5-DMA), 123.53 (10-DMA) and 123.40 (session lows).

Recommendation: Go long on breaks above 125, Target 125.30/125.70 

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