FxWirePro: 5-DMA at 128.07 caps upside in EUR/JPY, good to go long on close above

• EUR/JPY has been trading a falling channel since Aug, trend in the pair is definitely lower.
   
• For a short term trading perspective however, the pair could see some upside on close above 5-DMA.
   
• We notice the pair has bounced-off strong trendline support on Jan 7th trade supported with high volumes (buyers emerging at lows).
   
• Upside in the pair has been capped by 5-DMA at 128.07, breaks above could see gains upto 129.08, daily Stochs are on the verge of a bullish crossover from oversold levels.
   
• Immediate support is seen at 127.45 (Jan 12 lows), while resistance is located at 128.46 (Jan 11 highs)

Recommendation: Go long on close above 5-DMA at 128.07, SL: 127.45, TP: 129.0