FxWirePro: EUR/JPY pauses upside at 200-DMA, edges lower from 6-week highs at 131.115, stay long on break above

• EUR/JPY pauses upside at 200-DMA (130.10), trades rangebound at 130.87 level.
   
• The pair has slipped lower from 6-week highs at 131.115, retraces below 131 handle.
   
• Euro bulls struggle to extend momentum, we see further upside only on break above 200-DMA.
   
• Technical indicators on daily charts have turned bullish, Stochs and RSI are biased higher.
   
• Price action has broken above daily cloud and edged above major EMAs. MACD and DMI support trend higher. 
   
• Break above 200-DMA will see test of 131.98 (July 17 high) ahead of 132.43 (Mar 13 high).

Support levels - 130.15 (1H 55-EMA), 129.87 (5-DMA), 129.58 (110-EMA)

Resistance levels - 131.30 (50W SMA), 131.98 (July 17 high), 132.43 (Mar 13 high)

Recommendation: Watch out for break above 200-DMA to go long. target 131.30/ 132/ 132.40

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 24.4986 (Neutral), while Hourly JPY Spot Index was at -72.5956 (Neutral) at 0945 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.