FxWirePro: EUR/JPY struggles at weekly 200-SMA, bullishness only on break above

• EUR/JPY has seen multiple rejections at major resistance at weekly 200-SMA currently at 130.62.
   
• We see further bullishness only on break above.
   
• Scope then for the major to test 134.24 (78.6% Fib retrace of 141.05 to 109.205 fall).
   
• Momentum studies are bullish, RSI strong at 68 and biased higher. MACD supports uptrend.
   
• 20-DMA at 128.87 is strong support, break below could see minor weakness upto 126 levels.
   

Support levels - 129.51 (5-DMA), 129, 128.87 (20-DMA)

Resistance levels - 130, 130.62 (weekly 200-SMA), 132 (Feb 2016 high)

Recommendation: Watch out for break above weekly 200-SMA to go long.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 32.2131 (Neutral), while Hourly JPY Spot Index was at 63.2165 (Neutral) at 1010 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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