FxWirePro: EUR/JPY spikes higher, re-opening of some eurozone economies instills renewed optimism

EUR/JPY chart - Trading View 

EUR/JPY spikes higher to retake 116 handle, as the single currency remains bid.

The pair was trading 0.54% higher on the day at 116.17 at around 07:25 GMT. 

Re-opening of some eurozone economies instills renewed optimism pushing the pair higher.

The pair has been on the rise for the 3rd consecutive session, scope for further gains.

Price action has bounced off strong trendline support at 114.40 and has spiked past 5-DMA.

Major trend in the pair is still bearish, but near-term bias is showing signs of reversal.

RSI is biased higher, Stochs are on verge of rollover from oversold levels and MACD is on verge of crossover on signal line.

21-EMA is major resistance at 116.43. Break above with confirmation from technical indicators will support further upside.

Next major hurdle lies at 55-EMA at 117.67 ahead of 200-DMA at 119.32. Rejection at 21-EMA will see downside resumption.

Data Watch: 

Industrial Production in the euro area is due on Wednesday 

Final inflation figures in Germany due on Thursday 

Key flash Q1 GDP figures in Germany and the broader Euroland due on Friday

Support levels - 115.89 (200H MA), 115.33 (5-DMA), 114.70 (Lower BB)

Resistance levels - 116.43 (21-EMA), 116.71 (Kijun Sen), 117.67 (55-EMA)