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  • Extending its gradual declines from 125.94, the EUR/JPY pair presently tests the short-term ascending support-line, at 124.30, on early Friday.
  • The pair needs to provide a decisive break under 124.30 in order to further decline to 123.80 and then to mid-January low around 123.40.
  • Given the pair’s sustained downturn past-123.40, 122.80, 122.00 and 121.25 could entertain the bears.
  • Meanwhile, nearby descending trend-line, at 124.70, acts as adjacent resistance for the pair, a break of which can trigger its recovery to 125.30.
  • During the pair’s additional rise beyond 125.30, the 125.79-125.93 region comprising December lows and February high seem strong resistance.

EUR/JPY 4-Hour chart