Chart - Courtesy Trading View
Technical Analysis:
- EUR/JPY was trading 0.27% higher on the day at 137.95 at around 10:30 GMT
- The pair is extending upside for the sixth consecutive session
- Price action is above 200H MA and GMMA indicator shows major and minor trend are bullish on the intraday charts
- Momentum is bullish, Stochs and RSI are biased higher. MACD is on verge of bullish crossover on signal line
- Price action is testing cloud resistance, Chikou span is biased higher
Support levels:
S1: 137.02 (5-DMA)
S2: 136.30 (200H MA)
Resistance levels:
R1: 138.45 (Cloud base)
R2: 139.58 (23.6% Fib)
Summary: EUR/JPY pivotal at cloud resistance. Technical bias is turning bullish. Watch out for decisive break into cloud for further upside.
