FxWirePro: EUR/JPY Pares Losses from Weekly Lows at 123.16, Bias Lower

FxWirePro: EUR/JPY Pares Losses from Weekly Lows at 123.16, Bias Lower

• EUR/JPY halted more than 300-pips free-fall to near 123 handle after BoJ disappointment bolstered JPY bulls. 
• The pair recovered slightly from a dip to fresh weekly lows at 123.16 and is attempting to retake the 124 handle. 
• Strong trendline resistance is located at 126.40 levels. Techincals are biased south. 
• Price action has dipped below the daily cloud and we see rollover of Stochs from overbought zone. RSI also points south. 
• Resistance on the upside is seen at 124.40 (10-DMA), 125 and 125.32 (5-DMA). 
• Supports on the downside are located at 123.16 (session lows), 123 and then 122.60 (April 15th lows).

Recommendation: Good to sell rallies around 124/124.30, SL: 125.30, TP: 123/122.60/122 

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