FxWirepro: EUR/JPY finds major trendline resistance at 122.20, further upside only on break above

• EUR/JPY extends gains for a 3rd consecutive session, up 0.24 pct on the day.
   
• Technical indicators support upside, but Stochs are in overbought zone which suggests caution.
   
• The pair finds major trendline resistance at 122.20, break above could see resumption of upside.
   
• On the flipside, break below 5-DMA could see drag till 100-DMA at 120.60.
   
• Recent Eurozone economic data from the Eurozone have demonstrated increasing resilience.
   
• Draghi has said, “The risks surrounding the euro-area growth outlook are moving towards a more balanced configuration”.
   
• However, Draghi also said last week that price pressures continue to remain subdued and have yet to show a convincing upward trend.
   
• Focus now remains on Eurozone PMI numbers due today and the tone of the FOMC statement to be released on Wednesday.

Support Levels: 122, 121.51 (5-DMA), 12.60 (100-DMA)

Resistance Levels: 122.20 (Trendline), 122.88 (March 13 high), 123 (88.6% Fib retrace of 124.09 to 114.85 fall)