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- EUR/JPY has broken out of consolidation at 61.8% Fib at 128.88 and is currently extending gains to trade at fresh 5-month highs at 130.27.
- The pair has shown a clear channel breakout, bias remains higher.
- Technical indicators are highly bullish, we see weekly 200-SMA at 130.65 as next bull target.
- Weakness seen only on retrace below channel top at 126.85, drag till 20-DMA at 126.38 then likely.
- The Bank of Japan on Friday, boosted its bond purchases in order to keep the 10-year yield near zero percent as under its yield curve control policy.
- Yen also dented by lower than expected current account, core machinery orders data released today.
- Japan’s May machinery orders decreased to 0.6 % y/y (forecast 7.7 %) vs previous 2.7 %, while May NSA current account decreased to 1653.9 bln JPY (forecast 1796.3 bln JPY).
Support levels - 129.28 (5-DMA), 128.88 (61.8% Fib retrace of 141.05 to 109.20 fall), 126.85 (channel top)
Resistance levels - 130.65 (weekly 200-SMA), 132, 134.24 (78.6% Fib)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-Channel-breakout-on-EUR-JPY-weekly-200-SMA-at-13065-next-bull-target-785971) has hit TP1&2.
Recommendation: Book partial profits at highs. Raise trailing stop to 129. Hold for 130.65.
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