The EUR/JPY session has been ranging between the levels of 128.76 and 127.31 since the 11th of January 2016.
During the course of the day on Friday, the pair fell from as high as 128.40 to as low as 127.61. Today, the cross attempted to initially test the 128 handle, before falling once again down to 127.36. In the event that the sellers keep exerting strong pressures and the pair breaks below 127.30, the price could reach 126.41 and 125.76 respectively.
Alternatively, in the scenario where the pair attempts to once again retrace to the upside and breaks above 128.76, the price could rise up to 129.08 and 130.19 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.