EURJPY spiraled below 130 pivot; eyes key support at 129.23

Slobodan Drvenica Windsor Brokers

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

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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