EUR/JPY Technical Analysis: likely to extend the bullish momentum

   •  Receding negative sentiment over Italian political turmoil helps build on this week's solid rebound from 11-month lows amid.
   •  Acceptance above 38.2% Fibonacci retracement level suggests additional gains towards the 200-SMA on the hourly chart.
   •  Any meaningful retracement, if risk-off tone grips the market, might now find strong support near the upward trending 50-hourly SMA.

EUR/JPY 1-hourly chart

Spot rate:                   127.58
Trend:                         Bullish

Support 1:                 127.20 (38.2% Fibonacci level 1-D)
Support 2:                 126.90 (50-period SMA H1)
Support 3:                 126.47 (S1 daily pivot-point)

Resistance 1:            127.88 (200-period SMA on hourly chart)
Resistance 2:            128.14 (23.6% Fibonacci level -1W)
Resistance 3:            128.51 (R2 daily pivot-point)