FxWirePro: EUR/JPY Daily Outlook

EUR/JPY chart - Trading View 

Technical Analysis: Bias Bullish

GMMA Indicator:

- Major Trend: Neutral

- Minor Trend: Strongly Bullish

Ichimoku Analysis:

- The pair is finding stiff resistance at daily cloud

- Upside is capped at cloud base from the past 3 sessions

Oscillators:

- RSI is above 60 and shows strong upside momentum

- Stochs are biased higher, approaching overbought levels, but no signs of reversal seen

Bollinger Bands:

- Bollinger Bands are widening on the daily charts, volatility is high and rising

High/Low: 

- Previous Week High/Low - 116.85/ 115.26

- Previous Session High/Low - 118.20/ 117.55

Major Support Levels: 117.63 (38.2% Fib), 117.48 (55-EMA), 116.75 (21-EMA)

Major Resistance Levels: 118.44 (110-EMA), 118.75 (Cloud top), 119.25 (200-DMA) 

Summary: EUR/JPY is extending bullish streak for the 4th straight session. Momentum strongly bullish and volatility is high. Price action is has entered into daily cloud. Breakout at 110-EMA resistance will buoy prices. Scope for gains till 200-DMA at 119.25 ahead of 61.8% Fib at 119.63.