FxWirePro: EUR/JPY struggles at 110-EMA, good to go long on break above

EUR/JPY chart - Trading View 

• EUR/JPY is trading marginally higher on the day at 126.396 at 0530 GMT.
   
• The pair remains capped at 110-EMA, but technical indicators continue to show bullish bias.
   
• Stochs and RSI are sharply higher and MACD is on verge of bullish crossover on signal line.
   
• Breakout at 110-EMA will see gains upto 200-DMA. Further momentum could see test of 61.8% Fib at 130.36.
   
• On the downside, strong support is seen in the 126.75 to 128.85 zone. Break below to see further weakness.

Support levels - 125.96 (38.2% Fib), 125.85 (5-DMA), 125.76 (21-EMA)

Resistance levels - 126.63 (110-EMA), 127.50 (Mar 1 high), 128 (200-DMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-JPY-pauses-at-2H-200-SMA-good-to-go-long-on-break-above-1510346) has almost hit all targets. 

Recommendation: Watch out for break above 110-EMA to go long, SL: 126. TP: 127/ 127.50/ 128

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