FxWirePro: EUR/JPY Edges Higher from Weekly Lows at 121.88, Bias Lower

FxWirePro: EUR/JPY Edges Higher from Weekly Lows at 121.88, Bias Lower

• EUR/JPY edges higher from weekly lows at 121.88 to retake the 122 handle, but bias remains to the downside. 
• Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-pares-losses-from-weekly-lows-at-12316-bias-lower-201357) has hit all targets. 
• We advise booking full profits in the pair, further weakness only on breaks below strong trendline support at 121.70. 
• Next support below 121.70 aligns at 121.43 (lows for the week ending Mar 23rd 2013) and then 121.21 (lows for the week ending Feb 1st 2013). 
• Resistance on the upside is located at 122.83 (session highs 29th April), 123 and then 123.35 (April 18th highs) 

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