EUR/JPY is extending choppy trade between 100 and 200 DMAs, near-term bias bullish.
Technical indicators support upside in the pair. We see scope for gains on breakout at 100-DMA.
Break above 100-DMA finds next major resistance at cloud top at 133.42. Break above cloud will propel the pair higher.
On the downside, immediate support aligns at 5-DMA at 132.56 ahead of 21-EMA at 131.82.
Violation at 21-EMA will see drag till major trendline support at 130.20
Support levels - 132.56 (5-DMA), 132.15 (23.6% Fib), 131.82 (21-EMA)
Resistance levels - 133.04 (100-DMA), 133.42 (Cloud top), 134.40 (trendline)
Watch out for break out at 100-DMA to go long.
Technical indicators support upside in the pair. We see scope for gains on breakout at 100-DMA.
Break above 100-DMA finds next major resistance at cloud top at 133.42. Break above cloud will propel the pair higher.
On the downside, immediate support aligns at 5-DMA at 132.56 ahead of 21-EMA at 131.82.
Violation at 21-EMA will see drag till major trendline support at 130.20
Support levels - 132.56 (5-DMA), 132.15 (23.6% Fib), 131.82 (21-EMA)
Resistance levels - 133.04 (100-DMA), 133.42 (Cloud top), 134.40 (trendline)
Watch out for break out at 100-DMA to go long.