FxWirePro: EUR/JPY pauses at 2H 200-SMA, good to go long on break above

EUR/JPY chart - Trading View 

• EUR/JPY has paused upside at 2H 200-SMA resistance at 125.87.
   
• The pair is extending gains for the 3rd straight session, spikes past 125 handle.
   
• The pair is currently trading at 125.87, up 0.15% at 1225 GMT.
   
• Technical studies are turning slightly bullish on the intraday charts. The pair has ignored a bearish engulfing candle on the weekly charts.
   
• The pair bounced off with a 'Dragonfly Doji' formation on Friday's trade, raising scope for further upside.
   
• Decisive break above 2H 200-SMA will see further upside. Scope for test of 110-EMA at 126.64.
   
• On the downside, we see strong support at 124.80 (rising trendline). Retrace below to see further weakness.

Support levels - 125.72 (20-DMA), 125.26 (5-DMA), 125

Resistance levels - 125.87 (2H 200-SMA), 126.26 (61.8% Fib), 126.64 (110-EMA)

Recommendation: Good to go long on  break above 2H 200-SMA, SL: 125.25, TP: 126.25/ 126.60

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