EUR/JPY Technical Analysis: After 300-pip advance Euro bulls struggle at around 127.00

• EUR/JPY is set to close the day virtually unchanged with the 50 and 100-period simple moving averages flattening on the 15-minute time-frame.
• EUR/JPY bulls have lost some momentum on Thursday and they will have to defend the 126.00 handle in the coming sessions if they do not want to see a pullback  to the 125.00 area.
• EUR/JPY was in a strong bear trend and had a strong reversal up attempt at 124.61 previous key level this Tuesday. The 124.00-125.00 area was a  key support/resistance area  in June 2017.

EUR/JPY 15-minute chart

Spot rate:                      126.93
Relative change:          -0.1%      
High:                               127.73
Low:                                126.32

Trend:                              Neutral  

Support 1:                    126.00 handle
Support 2:                    124.61 current week and year’s low
Support 3:                    122.39 June 15, 2017 low

Resistance 1:              127.33 current Wednesday’s high  
Resistance 2:              128.00 handle
Resistance 3:              129.23 May 8 low