EUR/JPY breaks resistance at 131.55, spikes past 132 handle
EUR/JPY spikes above 132 handle as the single currency was boosted by ECB governing council board member Philip Lane's comments.
Lane said that there is no concern about current Euro level and that the ECB must judge implications of any Euro volatility.
EUR/JPY is trading 0.75% higher on the day, hit 3-week highs at 132.37 before paring some losses to currently trade at 132.25 levels.
Technical studies have turned bullish. The pair has bounced off strong support at 200W SMA.
Price action has broken above major resistance at 131.55 levels (nearly converged 20 and 200 DMA).
We see scope for test of 61.8% Fib at 134.39. Bearish invalidation likely on retrace below 200-DMA.
Support levels - 131.56 (20-DMA), 131.52 (200-DMA), 131.46 (5-DMA)
Resistance levels - 132.46 (38.2% Fib), 133.05 (Feb 21 high), 133.42 (50% Fib), 134.39 (61.8% Fib)
Good to go long on dips around 132, SL: 131.50, TP: 132.45/ 133/ 133.40
Lane said that there is no concern about current Euro level and that the ECB must judge implications of any Euro volatility.
EUR/JPY is trading 0.75% higher on the day, hit 3-week highs at 132.37 before paring some losses to currently trade at 132.25 levels.
Technical studies have turned bullish. The pair has bounced off strong support at 200W SMA.
Price action has broken above major resistance at 131.55 levels (nearly converged 20 and 200 DMA).
We see scope for test of 61.8% Fib at 134.39. Bearish invalidation likely on retrace below 200-DMA.
Support levels - 131.56 (20-DMA), 131.52 (200-DMA), 131.46 (5-DMA)
Resistance levels - 132.46 (38.2% Fib), 133.05 (Feb 21 high), 133.42 (50% Fib), 134.39 (61.8% Fib)
Good to go long on dips around 132, SL: 131.50, TP: 132.45/ 133/ 133.40