FxWirePro: EUR/JPY breaks 130 barrier, hits levels unseen since Oct 2018

EUR/JPY chart - Trading View 

EUR/JPY consolidates previous session's gains, trades 0.07% higher at 130.12 at around 06:15 GMT, after closing 0.60% higher in the previous session.

The pair has hit 29-month highs at 130.29 before paring some gains to trade at 130.11. 

Price has tested levels last seen since Oct 2018, technicals studies point to further upside.

The pair is on an upward spiral for the 5th straight month and eyes 200-month Moving Average at 130.31.

Price action is also attempting breakout at daily monthly cloud and MACD and ADX also supports gains.

GMMA also supports gains on daily, weekly and monthly charts with major and minor trend being strongly bullish.

The European Central Bank announced plans to purchase bonds at a “significantly higher pace” over the next quarter.

EUR/JPY slightly lower from session highs, but holds marginal gains as the ECB raised its GDP and inflation forecasts for 2020 and 2021. 

Technical bias for the pair is bullish. Price action is just shy of crucial resistance at 200 month MA at 130.31. Watch out for decisive break above for upside continuation.