- EUR/JPY extends grind higher after breaking consolidation with rising volumes.
- The pair has broken above 200-DMA at 118.61, we see scope for further upside.
- Momentum still with the bulls, test on weekly 50-SMA at 120.48 likely.
- Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-on-track-to-test-200-DMA-good-to-buy-on-dips-409882) has achieved all targets.
- Major support levels - 118.61 (200-DMA), 118.15 (5-DMA), 118, 117.35 (10-DMA)
- Major resistance levels - 119, 119.48 (June 15 high), 120, 120.48 (weekly 50-SMA)
Recommendation: Book partial profits, raise trailing stops to 118.10, target 119/ 119.50/ 120/ 120.45
Fresh longs can be initiated on dips around 118.60/70, SL: 118
FxWirePro's Hourly EUR Spot Index was at 9.14099 (Neutral), while Hourly JPY Spot Index was at -69.6741 (Slightly bearish) at 0525 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
