- EUR/JPY fails to close below 50-DMA, has edged higher to currently trade at 122.15.
- The pair finds stiff resistance at 122.25 (20-DMA), upside struggling to extend gains beyond.
- Break above 20-DMA could see test of 123.85 (major trendline).
- Further bullishness could see 125.13 (50% Fib of 141.05 to 109.205 fall).
- Support levels - 122, 121.46 (5-DMA), 121.37 (38.2% Fib of 141.05 to 109.205 fall)
- Resistance levels - 122.25 (20-DMA), 123.85 (trendline), 125.13 (50% Fib)
Recommendation: Good to go long on break above 20-DMA, SL: 121.70, TP: 123/ 123.85/ 124
