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2015.11.3000:06:00UTC+00Fxwirepro: Eur/jpy capped Below 130 Handle, more Downside Eyed

  • EUR/JPY slipped below the 130 handle on Friday's trade, hit a fresh 7-month low at 129.67, but has currently pared some losses on the day to currently trade at 129.94
  • The pair continues to see successively lower retracement highs, 130.10 high today, likely cap for now, hourly cloud above between 130.05-25
  • 100 and 200 SMAs show bearish crossover around 135.20 for the first time since mid August, further confirming the risk towards the downside
  • Daily RSI is probing its most oversold reading since the September and Stochs are also in highly overbought zone, so some caution advised as pair might see some unwinding
  • Immediate resistance is located at 130.16 (5 DMA) ahead of 130.25 (Daily High Nov 27), while supports are seen at 129.67 (Nov 27 low) and further below at 129.63 (76.4% Fibo 126.08-141.06)
Recommendation: Good to sell rallies around 130 levels, SL: 130.60, TP1: 129.30, TP2: 129
Resistance Levels:
R1: 130.16 (5 DMA) 
R2: 130.25 (Daily High Nov 27)
R3: 130.35 (Daily High Nov 26)
Support Levels:

S1: 129.67 (Nov 27 low)
S2: 129.63 (76.4% Fibo 126.08-141.06)
S3: 129.39 (Daily Low Apr 28)



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