FxWirePro: EUR/JPY breaks major trendline resistance at 122.20, good to long dips

• EUR/JPY has shown a decisive breakout above major trendline resistance at 122.20.
   
• Momentum studies are bullish, we see scope for test of 38.2% Fib at 124.70.
   
• Downside finds major support at 200-DMA at 118.40, bullish invalidation only on break below. 
   
• Support levels - 122.58 (5-DMA), 122.20 (trendline), 120.71 (20-DMA)
   
• Resistance levels - 124, 124..19 (May 31 high), 124.70 (38.2% Fib)
   

Recommendation: Good to long dips around 123, SL: 122.20, TP: 123.75/ 124/ 124.70
​

FxWirePro's Hourly EUR Spot Index was at -16.4071 (Neutral), while Hourly JPY Spot Index was at -53.0873 (Neutral) at 0330 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex