FxWirePro: EUR/JPY trades above 200W MA , eyes 50% Fib retracement at 125.95

EUR/JPY chart - Trading View 

EUR/JPY has slipped lower from fresh 16-month highs at 125.58 and was trading 0.09% lower on the day at 125.15 at around 09:00 GMT.

The pair is trading above 200W MA at 124.82 and weekly close above 200W MA will support further upside.

Technical indicators are strongly bullish. GMMA shows major and minor trend are strongly bullish on the daily charts.

Price action is above cloud and major moving averages. Oscillators show momentum is sharply bullish and AXD and MACD also support upside. 

Next immediate hurdle aligns at 50% Fib at 125.95. Break above will see test of 200M MA at 130.54.

Support levels - 124.90 (5-DMA), 124.82 (200W MA)

Resistance levels - 125.95 (50% Fib), 127.50 (Feb 2019 high)