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FxWirePro: EUR/JPY opens the week on a bullish note, looks set to break 200-month MA resistance

EUR/JPY chart - Trading View 

Spot Analysis:

EUR/JPY was trading 0.09% higher on the day at 130.39 at around 07:00 GMT.

The pair closed 0.19% higher on Friday's trade and 0.93% higher in the previous week.

At the time of writing, session high was 130.48 and low was at 130.11.

Data Releases:

No major data scheduled for release today from the euro area.

Technical Overview:

- Price action has edged above the crucial 200-month MA resistance at 130.32

- Volatility is high and momentum is strongly bullish, which could drive prices higher

- Analysis of GMMA indicator shows major and minor trend are strongly bullish

- Oscillators on the daily and weekly charts are at overbought levels, but no major signs of reversal seen

Major Support and Resistance Levels
 
Support  129.80 (5-DMA) 128.82 (21-EMA)
Resistance  130.32 (200-month MA) 132.56 (78.6% Fib)


Summary: EUR/JPY pivotal at 200-month MA resistance. Technical indicators are supporting further gains. Watch out for decisive break above 200-month MA for bullish continuation. Next major bull target lies at 132.56 (78.6% Fib). 
 

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