FxWirePro: EUR/JPY pauses upside at trendline resistance, outlook bullish
EUR/JPY chart - Trading View
EUR/JPY was trading largely unchanged on the day at 132.71 at around 11:45 GMT, bias bullish.
The pair is extending bull run for the 7th straight month. A break above 200-month MA has opened upside for the pair.
Price action is consolidating break above 78.6% Fib retracement at 132.56, momentum with the bulls.
GMMA indicator shows major and minor trend are strongly bullish on the daily and weekly charts.
MACD and ADX supports gains. Price action has edged above monthly cloud and Chikou span is biased higher.
Overbought oscillators warrant caution. Major trend is bullish, pullbacks are likely to be shallow.
The pair is on track to test 88.6% Fib at 134.87. Failure to hold above 200-month MA negates further upside.