- EUR/JPY has shown a decisive breakout above major trendline resistance at 122.20.
- Momentum studies are bullish, we see scope for test of 38.2% Fib at 124.70.
- Downside finds major support at 200-DMA at 118.40, bullish invalidation only on break below.
- Support levels - 122.58 (5-DMA), 122.20 (trendline), 120.71 (20-DMA)
- Resistance levels - 124, 124..19 (May 31 high), 124.70 (38.2% Fib)
Recommendation: Good to long dips around 123, SL: 122.20, TP: 123.75/ 124/ 124.70
FxWirePro's Hourly EUR Spot Index was at -16.4071 (Neutral), while Hourly JPY Spot Index was at -53.0873 (Neutral) at 0330 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
