FxWirePro: EUR/JPY extends break above 21-EMA, eyes 55-EMA at 128.85

EUR/JPY chart on Trading View used for analysis

• EUR/JPY trades 0.23% higher on the day at 125.39 at 0650 GMT, intraday bias slightly bullish.
   
• The pair has broken above 21-EMA and is on track to test 55-EMA at 125.84.
   
• Technical indicators on the daily charts have turned bullish. RSI has edged above 50 and is biased higher.
   
• Stochs and MACD show bullish momentum. Breakout above 55-EMA will see further upside.
   
• Focus now on Eurozone December industrial production data for further impetus. 
   
• Prints below estimates could add to fears of a deeper slowdown across the 17-nation bloc, weighing on the euro.
   
• Rejection at 55-EMA could see retrace till 23.6% Fib at 123.33. 

Support levels - 124.95 (21-EMA), 124.72 (5-DMA), 123.23 (23.6% Fib)

Resistance levels - 125.84 (55-EMA), 125.95 (Feb 4 high), 127.09 (Dec 27 high)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.