FxWirePro: EUR/JPY on Track to Test 124 Levels, Major Resistance at 124.60

FxWirePro: EUR/JPY on Track to Test 124 Levels, Major Resistance at 124.60

20 May 2016, 13:58
Roberto Jacobs
0
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FxWirePro: EUR/JPY on Track to Test 124 Levels, Major Resistance at 124.60

  • EUR/JPY recovers previous day's losses to hit fresh daily highs at 123.86. 
  • Techs on daily charts support upside, pair has broken above 5&10-DMAs at 123.47/54 respectively. 
  • Test of 124 levels likely. Major resistance aligns at 124.60. Further upside only on breaks above. 
  • Support on the downside are located at 123, 122.92 (May 19th lows) and then 122.61 (May 16th lows).

Recommendation: Go long on dips around 123.50, SL: 123, TP: 124/124.50 

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