FxWirePro: EUR/JPY finds stiff resistance at 125.78, further upside likely on break above

EUR/JPY chart - Trading View 

• EUR/JPY spikes past 125 handle to hit 3 day highs at 125.76.
   
• The pair is currently trading at 125.66, up 0.49% at 0925 GMT.
   
• Technical studies are largely bearish. We see a bearish engulfing candle on the weekly charts.
   
• The pair bounced off with a 'Dragonfly Doji' formation on Friday's trade, raising scope for further upside.
   
• We see strong resistance in the 125.65 to 125.80 zone. Break above will see further upside.
   
• Next major hurdle above 125.80 lies at 110-EMA at 126.65 ahead of 127.50 (Mar 1 high).
   
• On the downside, we see strong support at 124.80 (rising trendline). Retrace below to see further weakness.

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