FxWirePro: EUR/JPY holds major trendline support at 112.51, intraday bias higher

• EUR/JPY downside finds strong support by trendline at 112.51. The pair has taken trendline support and bounced higher.
   
• After initial volatility post-BoJ, EUR/JPY is on track to test 20-DMA at 114.65.
   
• Break above could see gains upto 55-EMA at 115.11 and violation there could see test of  trendline at 115.75.
   
• Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-breaks-major-support-at-11420-good-to-short-rallies-306082) has almost hit all targets.
   
• EUR/JPY hit lows of 112.51 before bouncing higher, intraday bias higher.
   
• Major support levels - 114, 113.40 (Sept 20 low), 113.81 (Sept 7 low), 113, 112.78 (Aug 24 low)
   
• Major resistance levels - 114.65 (20-DMA), 115, 115.11 (55-EMA), 115.75 (trendline)
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Recommendation: Good to long on breakout above 20-DMA at 114.65, SL: 114, TP: 115.10/ 115.75