FxWirePro: EUR/JPY consolidates break above 100-DMA, bias higher, good to go long on dips

Refer EUR/JPY chart on Trading View

• EUR/JPY trades slightly weaker on the day, at 129.94, down 0.06% at the time of writing.
   
• The pair has shown a break above 100-DMA and is likely consolidating gains before the next leg higher.
   
• Technical studies support further upside in the pair. Next bull target lies at 200-DMA at 131.09.
   
• Price action has broken above 110-EMA and EMAs are turning north. 
   
• Momentum indicators at oversold levels suggests minor pullbacks which could provide entry opporunities.
   
• We see some weakness below 100-DMA, drag till 21-EMA likely. Violation at 21-EMA negates bullish bias.

Support levels - 129.56 (100-DMA), 129.45 (5-DMA), 128.21 (21-EMA)

Resistance levels - 130, 131.29 (200-DMA), 132.58 (61.8% Fib)

Recommendation: Good to go long on dips, SL: 129.45, TP: 130/ 131.25

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 81.3691 (Bullish), while Hourly JPY Spot Index was at -84.9841 (Bearish) at 0545 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.