Description
⋅ EUR/JPY bounces of 20-DMA and jumped back to one-year high near 125.80 region.
The pair is building on to last week gains after upbeat Euro-zone economic data has boosted sentiment around the shared currency.
Stiff resistance is seen at 126 levels (channel top), breakout above could see further upside.
Momentum studies are highly bullish, RSI strength at 69 levels with room for further upside.
126.35-45 (late April 2016 highs) is next immediate hurdle ahead of 128.22 (Mar 31 2016 high).
Support levels - 125.08 (5-DMA), 123.92 (20-DMA), 122.55 (May 18 lows).
Resistance levels - 126.47 (April 27 high), 127, 128.22 (Mar 31, 2016 high).
Good to go long on break above 126 (channel top), SL: 125.10, TP: 126.50/ 127/ 128.20