- 50-D EMA caps a week old recovery portrayed by immediate ascending trend-line.
- 123.64/65 can please buyers during further upside.
Failure to cross 50-D EMA seems to drag the EUR/JPY pair back to a week old support-line as it declines to the intra-day low of 122.45 during the early Asian session on Friday.
On a break of 122.28 ascending trend-line support, the quote can further decline towards 121.65 ahead of highlighting recent lows surrounding 121.00 and 120.78.
During the pair’s additional weakness past-120.78, 120.00 and the year’s bottom near 118.70 could gain bears’ attention.
Alternatively, an upside clearance of 50-day exponential moving average (50-D EMA) can quickly trigger the pair’s fresh upside towards 123.64/65 comprising March month low and May 10 high.
Adding to the upside could be 100-D EMA level of 123.90 and 50% Fibonacci retracement of March – June downpour near 124.14.
EUR/JPY daily chart
Trend: Bearish
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