EUR/JPY Technical Analysis: EUR/JPY consolidating Monday’s losses below 129.00 level

• EUR/JPY failed to breakout above the 129.50 figure earlier in Asia and then lost about 100 pips from daily highs. It is now consolidating the daily losses below the 129.00 level and the 100-period simple moving average.  
• If EUR/JPY stays capped by the 129.00 figure bears may resume the bear trend and bring EUR/JPY towards the 128.00 figure.  
• On the other hand, a breakout above 129.00 can lead to a retest of the weekly highs near the 129.50 level.  

EUR/JPY 15-minute chart

Spot rate:                   128.82
Relative change:        0.37%      
High:                          129.52
Low:                           128.41

Trend:                        Bearish

Resistance 1:            129.00 figure
Resistance 2:            129.50 figure/supply level
Resistance 3:            130.32 June’s high

Support 1:                 128.62 June 22 high
Support 2:                 128.00 figure
Support 2:                 127.52 June 22 low
Support 3:                 126.99 June 21 low
Support 4:                 126.64 June 19 low