EUR/JPY chart - Trading View
Technical Analysis: Bias Bullish
- EUR/JPY spikes over 0.50% on the day to hit fresh 2-year highs, just short on 128 handle
- MACD shows bullish crossover on signal line, ADX rising in support of upside
- Price action is above major moving averages and Ichimoku cloud
- Analysis of GMMA indicator shows major and minor trend are bullish on daily and weekly charts
Support levels - 127.07 (5-DMA), 126.62 (21-EMA), 125.62 (200-DMA)
Resistance levels - 128.67 (61.8% Fib), 129, 130.33 (200 month MA)
Summary: EUR/JPY is extending winning streak for the 4th straight month. The pair has hit levels unseen since December 2018, just shy of 128 handle. Outlook is bullish, scope for test of 61.8% Fib at 128.67 ahead of 129 handle. Bullish invalidation only below 200W MA.
