- EUR/JPY extends upside for 3rd consecutive session, breaks above 125 handle.
- The pair is trading with a bullish bias, we see scope for test of channel top at 126 levels.
- Japanese Yen remains on the back foot amid gains in the US and Asian stocks.
- A bullish 50-DMA and 100-DMA crossover is seen on the daily charts adding to upside bias.
- Strong NFP data could further weigh on the Yen appeal, boosting the pair higher.
Support levels - 125, 124.56 (5-DMA), 124.46 (20-DMA), 124
Resistance levels - 125.80 (May 25 high), 126 (channel top), 127.28 (Mar 11 high)
Recommendation: Good to go long on dips around 125, SL: 124.50, TP: 125.80/ 126/ 127
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 66.311 (Neutral), while Hourly JPY Spot Index was at -98.1915 (Bearish) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
