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- EUR/JPY extends gains after gap-up open, intarday bias higher.
- EUR/JPY has broken its month-long consolidation phase and edges higher to test 50-DMA resistance at 114.45.
- Break above 50-DMA could a test of 114.81 ((Aug 2nd high), 115.50 (June 16th low) and then 116 levels.
- The pair is major support by 20-DMA at 113.30 and further below at 113.10 (rising trendline).
- Weakness only on break below 20-DMA, test of 112.36 then likely.
Recommendation: Good to go long on break above 114.45, SL: 113.90, TP: 114.81/ 115/ 115.50
