EUR/JPY chart - Trading View
EUR/JPY was trading 0.19% higher on the day at 122.29 at around 10:20 GMT.
The pair is holding above 122 handle and technical indicators show scope for further upside.
Retrace from multi-month highs above 124 handle has bounced off 200-DMA support.
Price action has edged above weekly cloud and decisive close above will add to the upside bias.
Next immediate hurdle lies at 123.22 (38.2% Fib retracement of Jan 2018 high (137.506) and May 2020 low (114.397). Break above 38.2% Fib finds little resistance till 200W SMA at 124.66.
On the flipside, 21-EMA is immediate support at 121.26. Break below finds next major support at daily cloud (120.67). Bullish invalidation below 200-DMA.
Major Support - 121.26 (21-EMA)
Major Resistance - 123.22 (38.2% Fib retracement of 137.506 and 114.397)
