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FxWirePro: EUR/JPY Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bias Bullish

GMMA Indicator

- Major trend is neutral, while minor trend is strongly bullish

Ichimoku Analysis

- Price action is testing daily cloud, break above will fuel further gains

Oscillators

- Stochs and RSI are sharply higher, momentum is bullish

- Stochs are at overbought levels, but no signs of reversal seen

Bollinger Bands

- Bollinger bands are wide and gap is widening

- Volatility is high and rising with scope to carry forward current momentum

Major Support Levels: 129.71 (110-EMA), 129.40 (55-EMA)

Major Resistance Levels: 130.46 (200-DMA), 130.70 (Cloud top)

Summary: EUR/JPY is testing cloud resistance. The pair eyes 200-DMA at 130.46. Decisive break above will fuel further upside.
 

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