- A one weeklong trend-line limits the pair’s upside.
- Immediate horizontal-support and latest lows can question sellers during further declines.
Failure to surpass a downward sloping trend-line since May 07 drags the EUR/JPY pair towards re-testing 122.50 horizontal-support during the early Asian session on Thursday.
While short-term resistance-line caps the quote’s upside, break of 122.50 becomes necessary to revisit Yesterday’s lows surrounding 122.00.
If at all prices keep trading southward below 122.00, 61.8% Fibonacci expansion (FE) of latest moves, at 121.75, could appear on the chart.
Given the pair’s ability to cross 123.00 trend-line resistance, it’s rise to 123.40 and 123.65 can’t be denied.
Also, the pair’s successful trading above 123.65 enables it to challenge 124.00 and 124.30 numbers to the north.
EUR/JPY hourly chart
Trend: Pullback expected
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