FxWirePro: EUR/JPY short-term outlook

• Bullish momentum builds in EUR/JPY, we see scope for upside to test 125 levels in the coming weeks.
   
• The pair has broken consolidation phase with rising volumes as evidenced on daily charts.
   
• Technical indicators have turned bullish on weekly and monthly charts.
   
• Support levels - 118.78 (23.6% Fib of Dec 2015 to June 2016 fall), 118.51 (200-DMA), 118
   
• Resistance levels - 122 (June 24 high), 123.31 (June 2016 high), 124, 124.70 (38.2% Fib)
   

Recommendation: Good to go long on dips, target 122/ 123.30/ 124/ 124.70.
 

Bullish invalidation on decisive break below 200-DMA at 118.51.
 

FxWirePro's Hourly EUR Spot Index was at -8.57452 (Neutral), while Hourly JPY Spot Index was at -127.268 (Highly bearish) at 0245 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex