EUR/JPY Technical Analysis: Bouncing up from ascending 5-day MA

EUR/JPY has bounced up from the ascending 5-day MA of 126.32 but is yet to beat the resistance at 126.79 (Monday's high).
A close above that would solidify the channel breakout confirmed on Friday and open up upside toward 127.50 (March high).
Supporting that bullish case is the upward sloping 5- and 10-day MAs and the bullish crossover of the 10- and 50-day MA. The 14-day relative strength index (RSI) is also reporting bullish conditions with an above-50 print.
The cross, however, could fall back to 10-day MA, currently at 125.79, if China's industrial production, Q1 GDP and retail sales figure prints well below estimates, renewing fears of a deeper economic slowdown in the world's second-biggest economy.

Omkar Godbole FXStreet Contributor

Daily chart

Trend: Bullish

EUR/JPY

Overview
Today last price	126.55
Today Daily Change	0.18
Today Daily Change %	0.14
Today daily open	126.37

Trends
Daily SMA20	125.25
Daily SMA50	125.48
Daily SMA100	125.8
Daily SMA200	127.63

Levels
Previous Daily High	126.69
Previous Daily Low	126.2
Previous Weekly High	126.78
Previous Weekly Low	124.78
Previous Monthly High	127.52
Previous Monthly Low	123.64
Daily Fibonacci 38.2%	126.38
Daily Fibonacci 61.8%	126.5
Daily Pivot Point S1	126.15
Daily Pivot Point S2	125.92
Daily Pivot Point S3	125.65
Daily Pivot Point R1	126.64
Daily Pivot Point R2	126.91
Daily Pivot Point R3	127.14

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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