FxWirePro: EUR/JPY extends grind higher, hits new 2-week highs at 126.74

EUR/JPY chart - Trading View 

• EUR/JPY is extending grind higher, hits new 2-week highs at 126.74, bias higher.
   
• The pair is currently hovering around 110-EMA, up 0.15% at 126.64 at 0355 GMT.
   
• The technical indicators continue to show bullish bias. Stochs and RSI are sharply higher and MACD shows bullish crossover on signal line.
   
• Decisive breakout at 110-EMA will see gains upto 200-DMA. Further momentum could see test of 61.8% Fib at 130.36.
   
• On the downside, strong support is seen in the 126.75 to 128.85 zone. Break below to see further weakness.

Support levels - 126.37 (5-DMA), 125.96 (38.2% Fib), 125 (trendline)

Resistance levels - 127, 127.50 (Mar 1 high), 128 (200-DMA) 

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-JPY-resumes-upside-after-brief-pause-stay-long-on-break-above-110-EMA-1512415) is progressing well.

Recommendation: Hold for targets.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.