FxWirePro: Weekly 200-SMA caps upside in EUR/JPY, further upside only on break above

• EUR/JPY is struggling to break above weekly 200-SMA currently at 130.55. We see upside only on decisive close above. 
   
• The pair is extending consolidation after breaking channel top, bias remains higher.
   
• The pair is currently hover around 129.89 levels, 20-DMA at 129.93 is stiff resistance.
   
• If the pair sustains break above 130.55 on a weekly close will see news highs for the pair.
   
• MACD supports trend higher. RSI and Stochs are at overbought levels, but bias still higher.
   
• Break above weekly 200-SMA raises scope for test of 61.8% Fib retrace of 149.78 to 109.205 fall at 134.28.

Support levels - 129.26 (5-DMA), 129, 128..03 (50-DMA)

Resistance levels - 130.40 (Aug 2 highs), 130.55 (weekly 200-SMA), 132.02 (Feb 2016 high), 132.28 (Jan 2016 high)

Recommendation: Watch out for decisive close above weekly 200-SMA at 130.55 to go long.

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