FxWirePro: EUR/JPY extends gains above 20-day MA, finds stiff resistance at 113.60

• The single currency largely muted on poor German Ifo business climate data.
   
• EUR/JPY is extending narrow rangebound trade within a symmetric triangle pattern.
   
• 113.65 and 113 are pivotal points, breakout on either side could provide clear direction.
   
• Longer term trend remains lower, price action is below major moving averages and RSI remains below 50 level.
   
• Price action on the day holds above 20-DMA at 113.27, stiff resistance on the upside seen at 113.65 levels.
   
• Decisive breakout above could see test of 55-EMA at 115.50, on the flipside break below 113 could drag the pair to 112.36.
  ​

Trade Idea: Go long on breakout above 113.65, SL: 113, TP: 114/ 114.70/ 115