FxWirePro: EUR/JPY confirms bullish 200W MA breakout, hits 12-week high above 126 handle

EUR/JPY chart - Trading View 

EUR/JPY was trading 0.12% higher on the day at around 04:55 GMT as the pair consolidates previous session's spike.

The single currency posted impressive gains across the board pulling higher all major crosses.

EUR/USD posted the biggest single-day gain since March, while EUR/JPY spiked past crucial 200W MA resistance.

The Euro is extending gains days before the European Central Bank's Dec. 10 meeting, where policymakers are expected to announce additional monetary easing measures. 

Technical indicators show upside for the pair. Analysis of GMMA indicator shows minor trend has shifted to bullish, while major trend is turning bullish.

On the weekly charts, the pair has broken stiff resistance at 200W MA confirming further upside. 

Upside is currently capped below falling trendline resistance at 126.15. Break above will buoy bullish bias. Next hurdle aligns at 61.8% Fib at 128.67. 

On the flipside, failure to hold above 200W MA will negate any further bullishness. The German Retail Sales and the Eurozone Producer Price Index scheduled for release during the European trading hours will be watched for clues.