FxWirePro: EUR/JPY finds strong resistance at 114.42, good to long breakout above

• Stimulus hopes from BoJ pushed yen lower, supporting EUR/JPY to hit new 1-week highs at 114.32.
   
• Risk-on sentiment remains firm supporting the upbeat momentum in EUR.
   
• Data released earlier today showed German CPI data was largely in line with expectations.
   
• CPI m/m rose 0.1% m/m, and was up 0.3% y/y as expected. Wholesale price index in June was up 0.6% m/m vs +0.9% prev and -1.5% y/y vs -2.3% prev.
   
• Euro extends gains after German CPI data, currently, EUR/JPY trades at 114.45. Techs support further upside.
   
• Immediate support and resistance are seen at 113.70 (trendline) and 114.42 (100-DMA).
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Recommendation: Good to long breakout above 114.42, SL: 113.70, TP: 115/115.46/116