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  • EUR/JPY is now leaning bullish with stochastics heading higher and the price embarking on the 20 and 50-DSMAs.
  • On a break of the moving averages, bulls will be looking to hold above the 23.6% Fibos confluence and resistance for  a run to the trend  line resistance.
  • A break there opens prospects for  the 127 handle and  the 200-DMA (127.50).  
  • On the flip side,  a break of 124.80, the 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  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.