- EUR/JPY upside capped below 20-DMA at 132.01 on Tuesday's trade.
- The pair is trading 0.31% lower on the day at 131.21 levels, bias is bearish.
- Price has failed to hold break above 200-DMA at 131.35, remains capped below 132 handle.
- The pair finds strong support at 200W SMA at 129.53, further weakness only on decisive break below.
- Decisive break below 200W SMA eyes 38.2% Fib retrace of 114.85 to 137.50 rally at 128.85.
- On the flipside, decisive close above 200-DMA could see some consolidation. Breakout at 20-DMA invalidates bearish bias.
Support levels - 131, 130.88 (5-DMA), 129.53 (200W SMA), 129.37 (Sept 6 low)
Resistance levels - 131.38 (200-DMA), 131.91 (20-DMA), 132, 132.15 (23.6% Fib)
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