EUR/JPY above 128 handle, breaks 5-DMA, go long above 128.55

FX:EURJPY   Euro / Japanese Yen
144 0 4
EUR/JPY             extends upside as demand for yen rises on risk-off seen after stocks came under pressure (both Shanghai and Nikkei 225             are going through an aggressive round of selling).

Technically, the pair has broken above strong 5-DMA resistance which is currently at 127.89.

Daily Stochs and RSI have rolled-over from oversold territory and are biased higher.

Weakness for the pair can be seen only below 126.75 which is strong trendline support.

128.41 (Jan 15th highs) is next hurdle on the upside, while immediate support on the downside is seen at 127.45 (Jan 12 lows).

Due ahead in the European Session are German Zew sentiment and Eurozone inflation data which are likely to have a major impact on the pair.

We would go long on break above 128.55, SL: 127.35, TP: 129.45/130.20
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