FxWirePro: EUR/JPY spikes over 0.80%, tests 61.8% Fib, outlook bullish

EUR/JPY chart - Trading View 

Technical Analysis: Bias Bullish

- EUR/JPY was trading 0.80% higher on the day at 128.73 at around 12:10 GMT

- The pair hit fresh 26-month highs, more upside on cards

- Price action has broken above 61.8% Fib retracement at 128.67

- GMMA indicator show major and minor trend are bullish on the daily and weekly charts

- The pair is on track to breakout of monthly cloud, which if confirmed will propel the pair higher

- MACD and ADX support uptrend and Stochs and RSI show a strong bullish bias

Support levels - 127.95 (5-DMA), 127.27 (21-EMA), 126.48 (55-EMA), 126 (110 month EMA)

Resistance levels - 129, 129.14 (Upper W BB), 129.49 (monthly cloud top), 130.33 (200 month MA)

Summary: EUR/JPY extends bull run for the 4th straight month. Price action has broken above 61.8% Fib. Watchout for break above monthly cloud top for further upside. Scope for test of 200 month MA at 130.33.