FxWirePro: EUR/JPY Edges Higher from Session Lows at 121.33, Intraday Bias Lower, Good to Sell Rallies
- EUR/JPY failed to sustain the recovery and slipped lower from session highs at 121.96 as the JPY bulls fought back control.
- Data released earlier today showed Japanese Q1 GDP revised to 0.5% q/q in Q1, slightly better than the 0.4% reading seen previously.
- Risk appetite remains poor, boosting the safe-haven bids for the yen, weighing on the cross.
- EUR/JPY hit session lows at 121.33 and has edged higher to currently trade around 121.68 levels.
- Intraday bias remains lower, pair on track to test trendline support at 120.60.
- Immediate support is seen by 5-DMA at 121.60 ahead of 121.48 (May 6th lows).
- Resistance on the flipside is seen at 122, 122.29 (10-DMA) and then 122.80 (21-DMA).
Recommendation: Good to sell rallies around 121.75/85, SL: 122.30, TP: 121.30/ 121