EUR/JPY failed to overcome the 21-week moving average at 123.75 in May but is testing a trendline resistance in recovery from 120.80. However, the market remains below the 38.2% retracement at 123.10 and the price can continue lower towards 119.91 as being a 78.6% Fibonacci retracement ahead of 117.80s and flash crash lows. On a break of the 21-week moving average at 123.75, bulls will look towards as being the 125.52 78.6% retracement ahead of the 200-day ma at 126.17.
Weekly chart.
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