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.

Daily chart

Trend: Bullish