EUR/JPY Technical Analysis: breaks through a short-term ascending trend-channel resistance

   •  The post-ECB recovery movement takes out a short-term ascending trend-resistance in the past hour and now paves the way for an extension of the recovery move towards an important confluence region.

   •  A follow-through up-move beyond the mentioned hurdle, comprising of 50% Fibonacci retracement level resistance and 200-hour SMA, would negate any near-term bearish bias. 

   •  On the mentioned chart, short-term technical indicators are gradually moving into positive territory and reinforce prospects for an additional near-term appreciating move.

EUR/JPY 1-hourly chart

Spot Rate: 128.29
Daily Low: 127.48
Trend: Bullish

Resistance
R1: 128.47 (confluence resistance)
R2: 128.63 (R2 daily pivot-point)
R3: 128.99 (200-period SMA H4)

Support
S1: 128.00 (round figure mark)
S2: 127.56 (daily pivot-point)
S3: 127.48 (current day swing low)