EUR/JPY breaks 20-DMA at 134.39, dip till 133 levels likely
EUR/JPY has broken support at 20-DMA at 134.39 to hit 3-week lows at 134 levels.
The pair is extending downside for 4th successive session after shooting star at highs.
Technical studies on intraday charts are bearish, RSI and Stochs are biased lower.
Next immediate support lies at 50-DMA at 133.36, breach there raises scope for test of 133 levels.
On the flipside, retrace and close above 20-DMA negates bearish bias.
Support levels - 133.36 (50-DMA), 133 (trendline), 132.90 (20W SMA)
Resistance levels - 134.35 (5W SMA), 134.39 (20-DMA), 135
Good to go short on rallies around 133.70/90, SL: 134.60, TP: 133.40/ 133/ 132.90.
The pair is extending downside for 4th successive session after shooting star at highs.
Technical studies on intraday charts are bearish, RSI and Stochs are biased lower.
Next immediate support lies at 50-DMA at 133.36, breach there raises scope for test of 133 levels.
On the flipside, retrace and close above 20-DMA negates bearish bias.
Support levels - 133.36 (50-DMA), 133 (trendline), 132.90 (20W SMA)
Resistance levels - 134.35 (5W SMA), 134.39 (20-DMA), 135
Good to go short on rallies around 133.70/90, SL: 134.60, TP: 133.40/ 133/ 132.90.
Bears eye 100-DMA at 132.74, stay short.