EUR/JPY Technical Analysis: Bullish above 50-hour MA

• EUR/JPY has breached the two-week-long falling trendline, but the 50-hour moving average (MA) is capping gains.
• A convincing move above the moving average hurdle of 129.50 would validate the upside break of the falling trendline and confirm a bullish reversal. In this case, the EUR/JPY could move above 130.00 (psychological level).

Hourly chart

Spot Rate: 129.48

Daily High: 129.54

Daily Low: 129.27

Trend: Bullish above 50-day MA

Resistance

R1: 129.65 (Uptrend from May 29 low)

R2: 130.00 (psychological hurdle)

130.26 (20-day moving average)

Support

S1: 129.27 (session low)

S2: 128.52 (lower Bollinger Band - standard deviation of +2, -2 on the 20-day moving average)

S3: 128.35 (50% Fib R of the rally from the May 29 low to July 17 high)