EUR/JPY Price Analysis: On the way to two-month-old resistance near 129.50

• EUR/JPY refreshes the highest level in a week during four-day uptrend.
• Bullish MACD favors further upside towards short-term key resistance line.
• 100-DMA adds to the upside filters, previous resistance from November stops seller’s entry.

EUR/JPY takes the bids to refresh weekly top around 129.52, up 0.13% intraday ahead of Thursday’s European session.

The cross-currency pair rises for the second consecutive day after crossing a one-month-old resistance line, now support around 128.55.

Given the bullish MACD signals and a sustained break of the key resistance line, EUR/JPY bulls are heading towards another important hurdle, a downward sloping trend line from October 20, near 129.65.

Also acting as upside filters are the levels comprising 100-DMA and 200-DMA, respectively around 129.80 and 130.55.

Meanwhile, pullback moves remain less important until staying beyond the resistance-turned-support line, near 128.55.

Following that, multiple supports around 127.50 and the monthly low near 127.35-40, also the lowest since February, will be in focus.

EUR/JPY: Daily chart

Trend: Further upside expected