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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: