FxWirePro: EUR/JPY finds stiff resistance at 55-EMA (129.39), upside only on break above

• EUR/JPY spikes past 129 handle to hit new 2-week highs at 129.14 as euro buoyed on the news that European leaders have reached an agreement on migration.
   
• Reuters news stated EU leaders finally reached an agreement on the EU migration deal, after the Italians blocked all the agreement overnight.
   
• An EU official was also reported as saying that the leaders agreed on new Mediterranean centers for migrants to be held in the EU on a voluntary basis.
   
• However, the major quickly faded gains to retrace below 129 handle and is currently trading at 128.79 levels.
   
• Technical indicators on intraday charts have turned bullish raising scope for further upside.
   
• The major finds stiff resistance at 55-EMA at 129.39, breakout above will see further gains.
   
• Next major resistance above 129.39 lies at 130.35 (110-EMA). While on the downside, break below 21-EMA negates bullish bias.

Support levels - 128.41 (21-EMA), 128.11 (5-DMA), 128

Resistance levels - 129.39 (55-EMA), 130, 130.35 (110-EMA)

Recommendation: Watch out for break above 55-EMA to go long, target 130/ 130.35

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 131.468 (Bullish), while Hourly JPY Spot Index was at -100.129 (Bearish) at 0645 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.