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EUR/JPY extends upside as demand for yen rises on risk-off seen after stocks came under pressure (both Shanghai and Nikkei 225 are going through an aggressive round of selling).
- Technically, the pair has broken above strong 5-DMA resistance which is currently at 127.89.
- Daily Stochs and RSI have rolled-over from oversold territory and are biased higher.
- Weakness for the pair can be seen only below 126.75 which is strong trendline support.
- 128.41 (Jan 15th highs) is next hurdle on the upside, while immediate support on the downside is seen at 127.45 (Jan 12 lows).
- Due ahead in the European Session, watchout for German Zew sentiment and Eurozone inflation data which are likely to have a major impact on the pair.
Recommendation: Good to go long around 127.90, SL: 126.70, TP: 129/129.45/130
