The pair hit the 50Wsma and closed below the upper end of the descending triangle. This week, as of now the pair is facing strong resistance at 139.20 unable to breach it. The Japanese key data are pending in today's session. The retail sales, household spending and Preliminary industrial production will determine a further trend. The safe buy will trigger above the 140 level. The pair has support at the 138.38 and 138 levels, below these the pair will face selling pressure. For the latest 2 days, the pair has managed to close above 20Dsma. If a daily close is below 20Dsma, the weekly trend turns to more negativity. The weekly support existed between the 137.75-137.70 levels.
Support 138.38 138 137.75-137.70
Resistance 139.15 139.65 140 on cb
For an intraday view, the prices are closed below the hourly key moving averages. A strong sell will emerge below 138.65 with a downside target at 138.50, 138.38, below this at the 138, 137.75-137.70 levels. The free fall mode will trigger below 138.38. Currently, the pair is trading on a verge of a break down level in the h4 chart.
Sell below 138.65; panic will be below 138.38.
Buy above 139.15.
