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FxWirePro: EUR/JPY Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bullish

- EUR/JPY was trading 0.53% higher on the day at 137.88 at around 12:30 GMT

- The pair is extending gains for the fourth straight session, outlook is bullish

- Pullback on account of bearish RSI divergence has retraced above 21-EMA

- Price action is above daily cloud and Chikou span is biased higher

- 21-EMA is offering strong support, weakness only on break below

Support levels:

S1: 137.19 (5-DMA)

S2: 136.62 (21-EMA)

Resistance levels:

R1: 139.25 (Upper BB)

R2: 140.00 (Apr 21 high)

Summary: EUR/JPY poised for further gains. Scope for test of 140 levels. Bullish invalidation below 21-EMA. 
 

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