FxWirePro: EUR/JPY gaining for 3rd straight session, upbeat market sentiment translates into solid advances

EUR/JPY chart - Trading View 

Technical Analysis: Bias Turning Bullish

GMMA Indicator

- Long term moving averages are constricted and flat suggesting major trend is neutral

- Near term moving averages are biased higher and spread id widening suggesting minor trend is bullish

Ichimoku Analysis

- Price action has pierced into the daily cloud and the pair trades above weekly cloud

- Chikou span on the daily charts is biased higher, suggests more gains likely

Oscillators

- Stochs and RSI are biased higher on the daily charts, momentum bullish

- Stochs show bullish roll over from oversold levels on the weekly charts

Bollinger Bands

- Bollinger bands are widening on the daily charts and narrowing on the weekly charts

- Rising volatility on the daily charts could drive near-term upside. Any break above major resistance could change the weekly dynamics

Major Support Levels: 124.08 (23.6% Fib), 123.68 (5-DMA), 123.27 (20-DMA)

Major Resistance Levels: 124.72 (cloud top), 125.19 (200W MA), 125.95 (50% Fib)

Summary: Euro appreciates across the board. Positive market sentiment amid promising COVID-19 vaccine news and upbeat data translates into solid advances for the pair.  Eurozone macroeconomic figures have also beaten expectations. The German IFO business climate survey and third quarter’s GDP have shown better than expected readings. Bullish technical setup aids further upside in the pair. Cloud offers immediate hurdle at 124.72. Scope for test of 200W MA at 125.19 on break above.