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FxWirePro: EUR/JPY extends marginal gains, outlook bullish

EUR/JPY chart - Trading View 

Technical Analysis: Bias Bullish

- EUR/JPY was trading 0.05% higher on the day at 133.97 at around 10:30 GMT

- GMMA indicator shows major and minor trend are strongly bullish

- Price action is above cloud and major moving averages

- MACD and ADX support upside, momentum strongly bullish

- Price action has shown a decisive break above 200-month MA opening upside

- Volatility is high and rising as evidenced by widening Bollinger bands

Support levels - 133.73 (5-DMA), 133, 132.76 (21-EMA)

Resistance levels - 134.31 (Upper BB), 134.87 (88.6% Fib), 135

Summary: EUR/JPY trades with a bullish bias. Close above 200-month MA has buoyed bulls in the pair. Scope for test of 137.50 (2018 high). 
 

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