“¢ The cross built on overnight bullish breakthrough a two-week-old descending trend-line hurdle and got an additional boost after the latest BoJ monetary policy update.
“¢ The fact that bulls have managed to lift the cross further beyond 200-hour SMA and the key 130.00 psychological mark adds credence to near-term bullish breakout.
“¢ With technical indicators on the 1-hourly chart holding in positive territory, today’s EZ macro data – flash CPI and GDP, will now be looked upon for some fresh bullish impetus.
EUR/JPY 1-hourly chart
Spot rate: 130.37
Daily Low: 129.68
Daily High: 130.51
Trend: Bullish
Resistance
R1: 130.56 (100-period SMA H4)
R2: 130.75 (previous week’s swing high)
R3: 131.12 (R3 daily pivot-point)
Support
S1: 130.00 (round figure mark)
S2: 129.68 (current day swing low)
S3: 129.13 (50-day SMA)
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