FxWirePro: EUR/JPY extends previous session's spike, hits new 26-month high above 129 handle

EUR/JPY chart - Trading View 

EUR/JPY was trading 0.16% higher on the day at 128.95 at around 05:00 GMT.

The pair is extending previous session's spike and is on track to test 200 month MA at 130.33.

The pair refreshed 26-month highs, more upside on cards as technical indicators are biased higher.

Price action has broken above 61.8% Fib retracement at 128.67. GMMA indicator show major and minor trend are bullish on the daily and weekly charts.

MACD and ADX support uptrend and Stochs and RSI show a strong bullish bias. RSI is well above the 50 mark which supports the strong uptrend.

Focus on German Gfk Consumer Confidence Survey for March along with Eurozone Consumer Confidence and Business Climate Index for further impetus.

Support levels - 128.19 (5-DMA), 127.43 (21-EMA), 126.57 (55-EMA)

Resistance levels - 129.14 (Upper W BB), 129.49 (monthly cloud top), 130.33 (200 month MA)

Summary: EUR/JPY trades with a strong bullish momentum. Price action has broken above 61.8% Fib and breakout of monthly cloud will propel prices higher. Scope for test of 200 month MA at 130.33.