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FxWirePro: EUR/JPY break above daily cloud and channel top reinforces upside bias, scope for test of 131.75

EUR/JPY chart - Trading View 

Technical Analysis: Bias Bullish

- EUR/JPY spikes over 0.55% to hit 6-week high above 130 handle

- Price action has broken above daily Ichimoku cloud and channel top

- The pair is extending break above 200-DMA and has edged above 20-week MA

- Stochs and RSI are sharply higher, momentum is with the bulls, volatility is high

- MACD confirms bullish crossover on signal line and ADX supports gains

Support levels - 130.50 (Channel top), 130.29 (38.2% Fib), 129.78 (200-DMA)

Resistance levels - 131.02 (50% Fib), 131.75 (61.8% Fib), 132

Summary: EUR/JPY has broken above daily cloud and is attempting a channel breakout. Technical bias for the pair remains bullish. Scope for test of 131.75 (61.8% Fib), Bullish invalidation only on retrace below 200-DMA.
 

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