FxWirePro: EUR/JPY resumes upside after brief pause, stay long on break above 110-EMA

EUR/JPY chart - Trading View 

• EUR/JPY is trading 0.27% higher on the day at 126.58 at 0745 GMT.
   
• The pair has ignored  a 'Doji' formation on Friday's candle and has resumed upside.
   
• The pair remains capped at 110-EMA, but technical indicators continue to show bullish bias.
   
• Stochs and RSI are sharply higher and MACD is on verge of bullish crossover on signal line.
   
• 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 - 126.12 (5-DMA), 125.96 (38.2% Fib), 125.82 (21-EMA)

Resistance levels - 126.62 (110-EMA), 127.50 (Mar 1 high), 128 (200-DMA) 

Recommendation: Watch out for break above 110-EMA to go long, SL: 126. TP: 127/ 127.50/ 128

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