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Refer EUR/JPY chart on Trading View
- EUR/JPY edges higher from session lows at 127.91, bias higher.
- Price action has broken above 21-EMA at 127.90 and is extending gains above 128 handle.
- Technical indicators are turning bullish. Stochs have rolled over from oversold levels and RSI is biased higher.
- Cloud is offering stiff resistance at 128.30, break above will see resumption of upside.
- We see scope for test of 50-DMA at 128.90 ahead of 38.2% Fib at 129.54. Weakness only on close below 5-DMA.
- Focus now on the August flash PMIs in the EZ with German manufacturing PMIs taking up strong attention.
Support levels - 127.93 (21-EMA), 127.66 (23..6% Fib), 127.35 (5-DMA)
Resistance levels - 128.30 (cloud base), 128.90 (50-DMA), 129.54 (38.2% Fib)
Recommendation: Stay long on break above daily cloud, target 128.90/ 129.55
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 97.5895 (Bullish), while Hourly JPY Spot Index was at -118.805 (Bearish) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
