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EUR/JPY chart - Trading View
EUR/JPY was trading 0.09% higher on the day at 127.03 at around 05:30 GMT, outlook for the pair is turning bullish.
The pair is gaining for the 2nd straight session, is extending bounce off 50-DMA support.
Technical bias for the pair is turning bullish again after 'Hammer' formation on the previous week's candle.
MACD and ADX support gains with positive DMI dominance. Stochs and RSI are biased higher. Volatility is rising as evidenced by widening Bollinger bands.
Analysis of GMMA indicator shows major and minor trend are strongly bullish. Scope for upside resumption.
Price action is consolidating break above 200W MA and we see scope for test of 61.8% Fib at 128.67.
On the flipside, 5-DMA is immediate support at 126.58. Bullish invalidation only below 200W MA.
