FxWirePro: EUR/JPY on track to test 200-DMA at 117.80, good to go long on dips

• EUR/JPY extends gains after break above 5-DMA, rises for 4th consecutive session.
   
• Technical indicators have turned bullish. RSI and Stochs are showing rollover from oversold territory and MACD is on verge of a bullish crossover.
   
• The pair has broken above 50% Fib at 116.65, further upside in store.
   
• 5-DMA at 116.15 is immediate support on the downside, while we see little resistance upto 200-DMA at 117.80.

Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-edges-higher-from-fresh-yearly-lows-at-11485-close-above-5-DMA-could-see-more-upside-646296) has hit all targets.

Recommendation: Book partial profits at highs, hold for 117.48/ 117.80 levels. 

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 50.9457 (Neutral), while Hourly JPY Spot Index was at -41.4321 (Neutral) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.