FxWirePro: EUR/JPY breaks major resistance at 125.95, targets 126.70

• EUR/JPY has broken above strong trendline resistance at 125.95, could see test of 126.70.
   
• The slump yesterday was short lived and held the short term uptrend at 124.72 and the 20 day ma continues to hold on a closing basis.
   
• Japanese government made a minor revision of the economic climate for the first time in five months. 
   
• Director of macro-economic analysis at the Cabinet Office said, “We downgraded our economic assessment from the previous month but the government hasn't changed its view on the (sound) economic fundamentals.”
   
• In its monthly economic report, the government noted that "weakness is seen" in the economy. This is a slight downward revision from the previous report which said there was "weakness in some areas."
   
• Some weakness seen in the yen, EUR/JPY extending gains above the 126 handle, wekaness only below 125.80.
   
• Immediate resistance and supports are aligned at 126.27 (March 22nd highs) and 125.96 (5-DMA & trendline).
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Recommendation: Good to go long around 126, SL: 125.60, TP: 126.25/126.50/126.75/127.15