EURJPY spiraled below 130 pivot; eyes key support at 129.23
|The cross spiked to one week low at 129.53 on Wednesday after taking out strong supports at 130 zone (psychological support / Fibo 61.8% of 129.23/131.37 upleg).
Fresh acceleration lower which extends into second straight day, confirms strong pressure on the single currency which was lower across the board on Wednesday.
Massive daily cloud lays above and maintains pressure, along with daily MA’s back to full bearish setup and weakening momentum studies.
Bears look for close below 130 pivot to generate negative signal for final push towards key support at 129.23 (08 May low).
Upticks are expected to offer better selling opportunity while holding below falling 10SMA (130.32).
Res: 130.32; 130.66; 130.86; 131.13
Sup: 129.94; 129.53; 129.35; 129.23
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