- EUR/JPY was rejected at session lows at 129.65, edges higher to currently trade at 130.74 levels.
- The pair is testing strong trendline resistance at 130.90, break above to see further upside.
- Price action has broken above weekly 200-SMA at 130.51, close above will provide additional confirmation.
- Technical indicators also support upside, 134.28 (61.8% Fib retrace of 149.787 to 109.205) next bull target.
- We see weakness only on break below 20-DMA support at 129.60, drag till 50-DMA at 129.06 then likely.
Support levels - 130.51 (weekly 200-SMA), 130, 129.97 (5-DMA), 129.60 (20-DMA), 129.06 (50-DMA)
Resistance levels - 130.90 (trendline), 131, 131.40 (July 2017 high)
Recommendation: Good to go long on close above weekly 200-SMA, target 130.90/ 131.40/ 132/ 132.30
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