FxWirePro: EUR/JPY breaks above 100-DMA, good to go long on dips

• EUR/JPY has held 5-DMA support on daily charts, intraday bias higher.
   
• The pair has shown a break above 100-DMA at 119.51.
   
• Technical studies are bullish, RSI and Stochs support upside in the pair.
   
• Next major hurdle for bulls aligns at 20-DMA at 120.08. Break above could see test of 121 levels.
   
• On the flipside, break below 5-DMA could see test of trendline support at 118.10.

Support levels - 119.51 (100-DMA), 119.18 (5-DMA), 119

Resistance levels - 120.08 (20-DMA), 120.47 (38.2% Fib retrace of 124.09 to 118.23 fall), 121

TIME  TREND INDEX  OB/OS INDEX    

1H          Neutral               Neutral       
4H          Bullish                Neutral       
1D          Bullish                Neutral        
1W         Bearish               Neutral      

Recommendation: Good to go long on dips around 119.60/70, SL: 119.10, TP: 120/ 120.45/ 121

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 16.1971(Neutral), while Hourly JPY Spot Index was at -60.9498 (Bearish) at 1200 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.