EUR/JPY stiff resistance at 116.42, buy breakout, target 118
EUR/JPY has bounced off 20-DMA support at 114.90, upside stalls just shy of 3-week highs at 116.42.
Japan stimulus hopes triggered a broad-based selling in JPY which has set EUR/JPY cross on a recovery mode.
Technicals on daily charts suggest further upside in the pair, Stochs and RSI are biased higher.
Break above 116.42 could see upside till 50-DMA at 119.25. Weakness only below 20-DMA at 114.87.
Support on the downside seen at 20-DMA by 114.87, break below will see next support at 114 and then 113.77 (10-DMA).
Hurdles above 116.42 align at 117, 118.10 (June 18 high) and 119.14 (June 20 high).
Good to go long on breakout above 116.42, SL: 114.87, TP: 117/118/119/119.25
Japan stimulus hopes triggered a broad-based selling in JPY which has set EUR/JPY cross on a recovery mode.
Technicals on daily charts suggest further upside in the pair, Stochs and RSI are biased higher.
Break above 116.42 could see upside till 50-DMA at 119.25. Weakness only below 20-DMA at 114.87.
Support on the downside seen at 20-DMA by 114.87, break below will see next support at 114 and then 113.77 (10-DMA).
Hurdles above 116.42 align at 117, 118.10 (June 18 high) and 119.14 (June 20 high).
Good to go long on breakout above 116.42, SL: 114.87, TP: 117/118/119/119.25
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EUR/JPY TP1&2 achieved.
