The EUR/JPY pair has been moving downward since Thursday, 19th of November, 2015, with the sellers being able to drive the price from as high as 132.26 to as low as 129.77.
On Wednsday during the US session the pair moved higher at 130.48, to subjecuently ranging between the levels of 130.33 and 130.20.
In the scenario that the price retraces to the downside and the bears manage to force the price to break below the level of 129.77, the price could decelerate down to 128.22.
In the opposite scenario, that the bulls manage to pull the price above the level of 131.25, the price could escalate up to 131.64 and 132.26 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.