- EUR/JPY rebounds from lows of 117.31, retakes 118 handle, intraday bias higher.
- Downside remains capped as the yen continues to weaken amid higher Asian equities, providing support to the cross.
- Techs support further upside in the pair. We see a bullish Stochastics crossover from oversold levels and RSI is biased higher.
- The pair has held above major trendline support at 116.75 levels and weakness to resume only on breaks below.
- Immediate support hourly 100-SMA at 118.00, and resistance on the upside is seen at 118.65 levels.
Recommendation: Good to buy dips around 118.20, SL: 117.80, TP: 118.65/ 118.85/ 119
The material has been provided by InstaForex Company – www.instaforex.com