FxWirePro: EUR/JPY extends grind higher, on track to test 122

• EUR/JPY is extending bullish momentum, is on track to test 122 levels (our first target).
   
• We see a reversal of major downtrend after the pair broke consolidation phase with rising volumes.
   
• Technical indicators have turned bullish on weekly and monthly charts.
   
• Support levels - 118.78 (23.6% Fib of Dec 2015 to June 2016 fall), 118.50 (200-DMA), 118
   
• Resistance levels - 122 (June 24 high), 123.31 (June 2016 high), 124, 124.70 (38.2% Fib)
   
• Our short-term outlook for the pair is as follows (http://www.econotimes.com/FxWirePro-EUR-JPY-short-term-outlook-428210). 
   

Recommendation: Hold for upside.
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FxWirePro's Hourly EUR Spot Index was at 57.0568 (Neutral), while Hourly JPY Spot Index was at -160.576 (Highly bearish) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.