FxWirePro: EUR/JPY edges lower from 7-week highs at 130.60, bias higher, stay long on dips

• EUR/JPY edges lower from 7-week highs at 130.60, bias higher.
   
• Euro dented after German ZEW economic sentiment missed forecasts.
   
• Data released earlier today showed German economic sentiment slumped to -24.7 versus -18.0 expectations and -16.1 last. 
   
• The current conditions index also dropped sharply to 72.4 versus 78.2 expected, missing market expectations by a big margin.
   
• The major has broken above strong trendline resistance at 129.80 and momentum remains with the bulls.
   
• 131 levels in sight ahead of 200-DMA at 131.92. Bullsih invalidation below 129.80. 

Support levels - 130.26 (100-DMA), 129.80 (trendline), 129.67 (5-DMA)

Resistance levels - 131.06 (50% Fib), 131.92 (200-DMA), 132.58 (61.8% Fib)

Recommendation: Good to go long on dips around 130.25/35, SL: 129.80, TP: 131, 131.35/ 131.90

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 88.2481 (Bullish), while Hourly JPY Spot Index was at -142.217 (Bearish) at 1000 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.