Long Buy EUR/JPY dips around 131.10 : FxWirePro | May 14, 2018

EUR/JPY 0.52% is extending upside for the 4th straight session after holding above major support at 200W SMA .

Euro 0.41% edged higher as Italy's anti-establishment parties looked likely to form the next government.

The pair bounced off 200W SMA with a hammer formation and has taken out 131 handle.

Price action has broken stiff resistance at daily cloud base raising scope for further upside.

The pair is currently testing resistance at 50-DMA at 131.33, breakout above to see further upside.

On the downside, 200W SMA is major support at 129.16. Any further weakness only on break below.

Support levels - 130.96 (23.6% Fib), 130.35 (5-DMA), 129.17 (200W SMA )

Resistance levels - 131.57 (20-DMA), 132.21 (38.2% Fib), 132.35 ( 200-DMA 0.00% )

Good to go long on dips around 131/ 131.10, SL: 130.30, TP: 131.60/ 132/ 132.20