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   “¢   The cross remained under some selling pressure through the mid-European session on Tuesday and eroded a part of the previous session’s goodish up-move to fresh YTD tops.

   “¢   However, given that the pair has been trending higher alongside an ascending channel formation since early January clearly points to a well established near-term bullish trajectory.

   “¢   This coupled with the last week’s sustained move beyond 50-day SMA add credence to the constructive outlook and support prospects for an extension of the recent up-move.  

   “¢   Meanwhile, oscillators on the 1-hourly chart have been losing momentum but have just started gaining traction on the daily chart, indicating dip-buying interest at lower levels.

   “¢   Hence, any meaningful slide back towards the key 125.00 psychological mark might be seen as a buying opportunity and help limit any meaningful downside, at least for some time.

EUR/JPY 4-hourly chart


       Today Last Price:  125.89
       Today Daily change %:  -0.20%
       Today Daily Open:  126.14
       Daily SMA20:  125.15
       Daily SMA50:  125.16
       Daily SMA100:  126.96
       Daily SMA200:  128.16
       Previous Daily High:  126.31
       Previous Daily Low:  125.38
       Previous Weekly High:  125.94
       Previous Weekly Low:  124.7
       Previous Monthly High:  127.07
       Previous Monthly Low:  118.84
       Daily Fibonacci 38.2%:  125.95
       Daily Fibonacci 61.8%:  125.73
       Daily Pivot Point S1:  125.58
       Daily Pivot Point S2:  125.01
       Daily Pivot Point S3:  124.64
       Daily Pivot Point R1:  126.51
       Daily Pivot Point R2:  126.88
       Daily Pivot Point R3:  127.45