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FxWirePro: EUR/JPY tests 50-day MA at 114.45, good to long break above

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 2…

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FxWirePro: EUR/JPY tests 50-day MA at 114.45, good to long break above
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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
 

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