EUR/JPY bounces off cloud support, long dips for 123.75
EUR/JPY finds strong support by daily cloud at 121.35, weakness only on break below.
The pair struggles to close below 50-DMA currently at 121.63.
Violation at 50-DMA would allow slippage to the 121.37 (38.2% Fib retrace of 141.05 to 109.20 fall) and then 120.55 January low.
On the flipside, close above 5-DMA at 121.95 raises scope for test of 123.80 (trendline).
Support levels - 121.63 (50-DMA), 121.35 (cloud top), 120.54 (Jan 17 low)
Resistance levels - 122.95 (Jan 20 high), 123.80 (trendline), 124
Good to go long on dips, SL: 121.60, TP: 122.95/ 123.20/ 123.75
The pair struggles to close below 50-DMA currently at 121.63.
Violation at 50-DMA would allow slippage to the 121.37 (38.2% Fib retrace of 141.05 to 109.20 fall) and then 120.55 January low.
On the flipside, close above 5-DMA at 121.95 raises scope for test of 123.80 (trendline).
Support levels - 121.63 (50-DMA), 121.35 (cloud top), 120.54 (Jan 17 low)
Resistance levels - 122.95 (Jan 20 high), 123.80 (trendline), 124
Good to go long on dips, SL: 121.60, TP: 122.95/ 123.20/ 123.75
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TP 1 hit.