EUR/JPY – Technical Outlook

• On Wednesday, EURJPY currency pair, after touching its highest level since May 22, witnessed profit booking following its recent rise from 129.87 touched on Sept. 6.
• On Thursday, the pair continued weakening and is currently traded at 132.22, almost 0.5% lower than 132.94 on Wednesday.
• The pair seems to find stiff resistance to decisively clear the 133.00 zone but is likely to find immediate support near 132.00 area.
• Should the pair fail to hold the immediate support, it seems to continue weakening towards a very important support zone near 130.00 support area, consisting of 50-day SMA, 100-day SMA, 23.6% Fibonacci Retracement Level of April –
• May up-move and an ascending trend-line extending from June lows through low formed in August.
• Weakness below 130.00 would probably indicate a corrective move for the currency pair initially towards 38.2% retracement level support at 128.00 level and then towards 50% retracement level support near 126.50 area.
• Alternatively, should the pair manage to decisively clear the 133.00 – 133.30 strong resistance zone, it might continue its near-term up-move towards 134.50 – 134.70 horizontal resistance area.

Original Article: Admiral Markets and hyper link Admiral Markets with http://www.admiralmarkets.com/