FxWirePro: EUR/JPY holds 50-DMA support, bias higher, stay long

• EUR/JPY has bounced off 50-DMA support at 121.63 on Thursday's trade.
   
• Below 50-DMA, the pair finds next strong support by daily cloud at 121.49, weakness only on break below.
   
• The pair is extending gains on the day, has broken above 5-DMA on yen weakness.
   
• Yen slumped across the board after the Bank Of Japan squashed tapering hopes.
   
• The BoJ announced JGB-buying plans and increased bond purchases in the 5-10 year maturity range.
   
• Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-holds-cloud-support-weakness-only-on-break-below-507599) is progressing well.
   
• Support levels - 122.02 (5-DMA), 121.74 (50-DMA), 121.49 (cloud top), 120.54 (Jan 17 low)
   
• Resistance levels - 122.95 (Jan 20 high), 123.80 (trendline), 124
   

Recommendation: Hold for targets. 
 

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -42.4271(Neutral), while Hourly JPY Spot Index was at -55.9374 (Bearish) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.