FxWirePro: EUR/JPY extends bounce off 21-EMA, outlook bullish
EUR/JPY chart - Trading View
EUR/JPY was trading 0.11% higher on the day at 121.83 at around 08:55 GMT.
The pair has held strong support at 21-EMA and has bounced off with a 'Hammer' formation.
Volatility is rising as evidenced by widening Bollinger bands. Major and minor trend are bullish as evidenced by the GMMA indicator.
Momentum studies are bullish. RSI is above 60 and Stochs are sharply higher. Pair set to test major resistance at 110W-EMA at 122.27.
Clear break above 122.27 will fuel further upside. Bullish invalidation only below 200-DMA.
Major Support - 119.75 (200-DMA)
Major Resistance - 122.27 (110W EMA)