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Long

EUR/JPY consolidating bounce off trendline, go long above 128.55

FX:EURJPY   Euro / Japanese Yen
148 0 4
EUR/JPY             is extending consolidation after bounce from trendline support, we await confirmation to go long.

The pair finds strong resistance in the 127.85-128.55 zone, further upside can be seen only on breaks above.

Consolidation seen after bouncing off trendline support at 126.77, upside capped by 10-DMA at 127.94 for now.

Immediate support on the downside is seen at 127.30 (Jan 11th lows) and further below at 126.77 ( trendline ).

While on the upside a series of resistance are seen between 127.85 and 128.55, only break above can take the pair higher to 129.48 (Jan 5th highs) and then 130.13 (23.6% Fib of 141.02 to 126.77 fall).

We would go long on break above 128.55. SL: 127.40, TP: 129.48/130.20
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