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EUR/JPY short setup;FxWirePro | October 31, 2017

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EUR/JPY -0.08% has slipped below daily cloud and has broken below 50-DMA at 132.02.

Technical studies are bearish and we see scope for further downside in the pair.

Cloud base at 130.98 is immediate support, violation there will see test of 100-DMA at 130.23.

On the flipside, 5-DMA at 130.50 is strong resistance, we see upside only on break above.

We also note Bearish divergence on RSI and Stochs which raises scope for downside in the pair.

On the data front, focus will be on Euro -0.12% Zone GDP and inflation data for further impetus.

Support levels - 131, 130.23 (100-DMA), 129.79 (23.6% Fib retrace of 114.85 to 134.405 rally),

Resistance levels - 132.02 (50-DMA), 132.50 (5-DMA), 133, 133.49 ( Oct 9.41% 11 high)

Good to go short on rallies around 131.75, SL: 132.50, TP: 131.25/ 131/ 130.23.

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