- EUR/JPY is up to trend-line resistance as predicted in a prior analysis from earlier in the week, taking on the 125.70 target area.
- This is guarding a break towards the 200-DMA (grey on the chart below) at 127.75.
- However, should the bears step in and take back control, on a break of 124.80, risk would be for a subsequent test of trend line support guarding the 38.2% Fibo.
- Below 123.40 (Jan 7 and Jan 15 lows) opens of the 50% Fibo at 123.02.
- A break there will likely see the price continue in its southerly trajectory, extending last September’s bear trend.
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