- EUR/JPY has paused upside at 200-DMA resistance at 131.90, bias bullish.
- The pair has hit session highs at 131.93 before paring some gains to currently trade at 131.82.
- The pair has ignored a Doji formation on the daily candle on Friday and is extending winning streak into the 4th straight week.
- Technical indicators support upside in the pair, break above 200-DMA raises scope further gains.
- Momentum with the bulls. RSI strong above 65 levels, MACD and ADX support trend higher.
- Price action has broken above 110-EMA and is holding above 50% Fib retracement. Next major resistance above 200-DMA lies at 61.8% Fib at 132.58.
- On the flipside, 5-DMA at 131.33 is immediate support. Break below 110-EMA will negate bullish bias.
Support levels - 131.33 (5-DMA), 131.06 (50% Fib), 130.35 (110-EMA), 130
Resistance levels - 131.90 (200-DMA), 132, 132.58 (61.8% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-JPY-edges-lower-from-7-week-highs-at-13060-bias-higher-stay-long-on-dips-1400944) has hit all targets.
Recommendation: Book partial profits, trail SL to 131. Watch out for break above 200-DMA for further upside, target 132/ 132.55.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 89.7758 (Bullish), while Hourly JPY Spot Index was at -148.621 (Bearish) at 0945 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
