Following a rally in the greenback, EUR/JPY has been pushed back above the 20 and 50 4-hour moving averages through 121.90. However, while below the wider 21-week moving average close to the 124 handle, and May highs trendline resistance keeps the bulls in check. Only a run above 38.2% retracement at 123.10 will rattle the bears. Price can continue lower towards 119.91 as being a 78.6% Fibonacci retracement ahead of 117.80s and flash crash lows. On a break of the 21-week moving average at 123.75, bulls will look towards as being the 125.52 78.6% retracement ahead of the 200-day ma at 126.17.
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