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  |   Technicals


FxWirePro: EUR/JPY Daily Outlook

EUR/JPY chart - Trading View 

Technical Analysis: Bias Bullish

GMMA Indicator

- Major and minor trend are strongly bullish on the daily charts

- On the weekly charts, minor trend is bullish, while major trend is turning bullish

Ichimoku Analysis

- Price action is above cloud on the daily and weekly charts

- Chikou span is also biased higher suggesting continuation of uptrend


- Stochs and RSI support strong bullish momentum on the weekly charts

- On the daily charts, Stochs and RSI have rolled over from overbought levels and are resuming upside

Bollinger Bands

- Bollinger bands are widening on the intraday and weekly charts

- High volatility with bullish momentum to drive further gains

Major Support Levels: 124.87 (200W MA), 123.95 (21-EMA)

Major Resistance Levels: 125.95 (50% Fib), 127.50 (Feb 2019 high)

Summary: The pair trades with a strong bullish momentum. Price action has retraced brief dip below 200H MA and is set to resume upside. Weekly close above 200W MA will reinforce bullish stance. 

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