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  • EUR/JPY trades a shade lower than 126.00 during initial Asian trading on Tuesday.
  • The pair took a U-turn from an upward sloping trend-channel formation connecting the lows marked since mid-January.
  • With the gradually declining 14-bar relative strength index (RSI), 125.50 level comprising an immediate ascending support-line that joins the lows of February 19 and 22 gains market attention.
  • Should the pair drops under 125.50, 61.8% Fibonacci retracement of mid-December to early-January, at 125.15, followed by 124.70, can please the sellers.
  • However, the channel-support figure of 124.30 might confine the pair’s downside past-124.70, if not then 123.70 and 123.40 could become bears’ favorites.
  • On the flip side, an uptick beyond 126.40 channel resistance can trigger the pair’s recovery toward 127.00 – 127.10 horizontal region comprising late-December highs.
  • If at all buyers refrain to respect 127.10, 127.70 and 128.40 are likely following numbers to appear on the chart.

EUR/JPY 4-Hour chart


       Today Last Price:  125.91
       Today Daily change:  -0.23  pips
       Today Daily change %:  -0.18%
       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