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  |   Technicals


FxWirePro: EUR/JPY Daily Outlook

EUR/JPY chart - Trading View 

Technical Analysis: Bias Bullish

GMMA Indicator

- Major trend is turning bullish, while minor trend is strongly bullish

- GMMA keeps scope for further gains

Ichimoku Analysis

- Price action has shown a break above daily cloud

- Bullish Tenkan Sen crossover on Kijun Sen supports upside bias

- Chikou Span has turned south which suggests minor pullback

- Pullbacks are likely to hold support at Tenkan Sen, violation below will negate upside bias


- Oscillators are bullishly aligned

- RSI is above 60 and Stochastics show bullish momentum

Bollinger Bands

- Bollinger bands are widening on the daily charts

- Rising volatility with bullish momentum could carry the pair higher

Major Support Levels: 118.41 (converged 5-DMA and 110-EMA), 117.62 (55-EMA), 117.42 (21-EMA)

Major Resistance Levels: 119.25 (converged 200-DMA and channel top), 119.63 (61.8% Fib), 120.22 (55W EMA) 

Summary: The pair has paused upside at major resistance at 200-DMA and channel top. Technical bias remains bullish. Breakout at 200-DMA will propel the pair higher. Strong support is seen at 118.41 (converged 5-DMA and 110-EMA). Major weakness only below 55-EMA. 

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