FxWirePro: EUR/JPY ends consolidation phase, 200-W SMA breakout raises scope for upside

• EUR/JPY has shown a decisive break above weekly 200-SMA at 130.49 last week.
   
• The pair has finally broke the consolidation phase and has hit fresh 21-month highs at 134.14.
   
• Technical indicators support upside and momentum studies on weekly charts are bullish.
   
• Upside is currently pausing at 61.8% Fib retrace of 149.787 to 109.205 fall at 134.28. Break above to see further gains.
   
• On the downside, retrace below 200-W SMA will negate bullish bias.

Support levels - 132.48 (5-DMA), 130.91 (20-DMA), 130.47 (200W SMA)

Resistance levels - 134.28 (61.8% Fib retrace of 149.787 to 109.205 fall), 135, 136.68 (Feb 2015 highs)

Recommendation: Good to go long on dips around 132.50, SL: 130.50, TP: 134/ 134.28/ 135/ 136/ 136.68

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 106.173 (Bullish), while Hourly JPY Spot Index was at -170.421 (Bearish) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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