- EUR/JPY turns positive after holding strong trendline support at 112.34 levels.
- On the upside the pair has broken major resistance at 113.10, intraday bias higher.
- We see scope for test of 114.18 (20-DMA) levels. Break above could see further upside to 114.80 and then 115.32 (50-DMA).
- The pair is trading with a bearish trend. Only break above 50-DMA currently at 115.32 negates bearish bias.
- On the flipside, break below 112.30 (Aug 5th low) will drag the pair to 111.90/ 111.40/ 111 levels.
Trade idea: Good to go long on dips around 113.60, SL: 113, TP: 114.20/ 114.80
