EUR/JPY momentum bearish after rejection at 100-DMA, stay short
EUR/JPY is extending downside after rejection at 100-DMA resistance.
Momentum has turned bearish, we see scope for further downside.
The pair is currently holding 20-DMA support at 114 levels, break below could see drag upto 112.30
Major support levels - 114.04 (20-DMA), 113.35 (trendline), 113, 112.78 (Aug 24 low)
Major resistance levels - 114.76 (10-DMA), 115.06 (5-DMA), 115.59 (100-DMA), 115.79 (Oct 11 high)
Good to short break below 114, SL: 114.75 target: 113.35/ 112.75/ 112.30
Momentum has turned bearish, we see scope for further downside.
The pair is currently holding 20-DMA support at 114 levels, break below could see drag upto 112.30
Major support levels - 114.04 (20-DMA), 113.35 (trendline), 113, 112.78 (Aug 24 low)
Major resistance levels - 114.76 (10-DMA), 115.06 (5-DMA), 115.59 (100-DMA), 115.79 (Oct 11 high)
Good to short break below 114, SL: 114.75 target: 113.35/ 112.75/ 112.30
