EUR/JPY Technical Analysis: Pair moves above 200-hour MA for the first time since Aug. 2

• The EUR/JPY hourly chart shows the pair has moved above the 200-hour moving average (MA) for the first time since Aug. 2.
• The chart also shows a bull pennant breakout and hence the pair could soon rise above 127.00 (psychological hurdle). 
• The 50-hour MA is stationed above the 100-hour MA, signaling the path of least resistance is to the upside. 

Hourly chart

Spot Rate: 126.58

Daily High: 126.77

Daily Low: 126.26

Trend: Bullish

Resistance

R1: 126.68 (5-day MA)

R2: 127.48 (5-week MA)

R3: 128.00 (psychological level)

Support

S1: 126.24 (50-hour MA)

S2: 126.07 (100-hour MA)

S3: 125.58 (support as per the hourly chart)