FxWirePro: EUR/JPY spikes over 0.50% to hit 3-week high, outlook bullish
EUR/JPY chart - Trading View
EUR/JPY was trading 0.50% higher on the day at 121.49 at around 10:00 GMT. The pair has bounced off 21-EMA support, scope for further upside.
Stochs are sharply higher, RSI is well above 50 and biased higher. Price action is above cloud and Chikou span indicates further upside.
MACD is on verge of bullish crossover on signal line and positive DMI dominance supports gains.
Analysis of the GMMA indicator shows major and minor trend are bullish. The pair is extending gains for the 3rd straight week.
Next bull target lies at 110W EMA at 122.298. Break above to fuel further gains. Bullish invalidation only below 200-DMA.
Major Support - 119.64 (200-DMA)
Major Resistance - 122.30 (110W EMA)