FxWirePro: EUR/JPY struggles at 61.8% Fib retrace at 134.28, good to go long on decisive break above

• EUR/JPY is struggling to extend break above 61.8% Fib retrace of 109.205 to 149.787 rally at 134.28.
   
• Price action continues range trade for with 'Bearish Bat' pattern keeping scope for downside.
   
• Bearish divergence on RSI and Stochs on weekly charts also adds to bearish bias.
   
• Price action is holding strong support at 20W SMA currently at 132.30. Break below will see weakness.
   
• On the flipside, decisive break above 61.8% Fib retrace at 134.28 to see further upside.
   
• Technical studies on weekly charts are turning bullish. Watch out for break above 61.8% Fib to go long.

Support levels - 134.31 (5-DMA), 134.28 (61.8% Fib retrace of 109.205 to 149.787 rally), 133.31 (20-DMA)

Resistance levels - 134.88 (Dec 21 high), 135, 136.68 (Feb 2015 high)

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 64.1388 (Neutral), while Hourly JPY Spot Index was at -32.2943 (Neutral) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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