FxWirePro: EUR/JPY finds stiff resistance at 124.71, further upside only on break above

EUR/JPY chart on Trading View used for analysis

• EUR/JPY edges higher from session lows at 124.224 to currently trade at 124.515, up 0.23% on the day.
   
• The pair has taken a breather after 4 successive days of falls, bias still bearish. 
   
• Earlier this month, the European Commission revised lower its 2019 German growth forecast to 1.1 percent from a previous forecast of 1.8 percent.
   
• The move has triggered fears of a recession in the Eurozone's largest economy of the world. 
   
• The single currency may garner more support if the German and Eurozone first quarter GDP, scheduled for release this Thursday, beats estimates, putting recession fears to rest. 
   
• Technical indicators do not support significant gains in the pair. 
   
• Immediate strong resistance is seen at 124.71 (nearly converged 5 and 20 DMAs). Decisive breakout at 55-EMA could see further gains.
   
• On the flipside, we see little support till lower Bollinger band at 123.79. Further weakness to see test of 123.39 (Jan 15 low) ahead of 120.01 (61.8% Fib)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.