FxWirePro: EUR/JPY Daily Outlook

Chart - Courtesy Trading View 

EUR/JPY was trading 0.19% higher on the day at 138.74 at around 09:30 GMT, outlook bullish.

The pair is grinding higher for the 6th straight session, hits fresh 5-week highs just shy of 139 handle.

GMMA indicator shows major and minor trend are strongly bullish. Volatility is high and momentum is bullish.

MACD confirms bullish crossover on signal line, ADX supports gains. Price action is above cloud and Chikou span is biased higher.

Hawkish comments from European Central Bank (ECB) Governing Council member Robert Holzmann supported euro bulls. 

Holzmann said that the record-high inflation print for the euro area supports the view that a 50 basis points rate hike will be needed.

Support levels - 138, 137.80 (5-DMA), 136.84 (200H MA)

Resistance levels - 139, 139.23 (Upper BB), 140 (April high)

Summary: EUR/JPY trades with a bullish bias. Scope for retest of 140 levels.