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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 chart

- Major trend is turning bullish, minor trend is strongly bullish

Ichimoku Analysis

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

- Chikou span is biased higher suggesting continuation of the uptrend

Oscillators

- Oscillators are biased higher, RSI is above 60 which supports a strong uptrend

- Bearish divergence on RSI and Stochs on the daily charts may cause some pullbacks

Bollinger Bands

- Bollinger bands are widening on the weekly charts, volatility is high

- On the daily charts, volatility is slowly rising

Major Support Levels: 125.82 (5-DMA), 125.20 (21-EMA), 125.05 (200W MA)

Major Resistance Levels: 126.69 (38.2% Fib), 127, 128.37 (61.8% Fib)

Summary: Technical studies for the pair are bullish. Scope for upside continuation. Next bull target lies at 61.8% Fib at 128.67. Bullish invalidation below 200W MA. 
 

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