FxWirePro: EUR/JPY on track to test 200-DMA at 127.67, stay long on dips

EUR/JPY chart - Trading View 

EUR/JPY Technical Analysis: Bias Bullish
- EUR/JPY consolidates break above 110-EMA
- Price has broken above daily cloud
- RSI is above 60, bias higher, Stochs are sharply higher
- MACD and DMI support upside

Data Watch:
- German ZEW economic sentiment gauge - Tuesday
- Final Eurozone CPI prints for March - Wednesday
- IHS Markit’s preliminary PMI readings for April - Thursday

Fundamental Analysis:
- Focus IHS Markit’s Eurozone preliminary PMI readings for April.
- The euro could edge higher if PMIs provide further proof of an improving economic picture.

Support levels - 126/ 125.81 (nearly converged 5-DMA and cloud), 124.77 (Apr 10 low)
Resistance levels - 127, 127.67 (200-DMA and 61.8% Fib), 128

Recommendation: Good to go long on dips, SL: 125.80, TP: 127/ 127.65/ 128

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.