The EUR/JPY pair has been under bearish pressures since the 16th of February 2016, with the downward movement registered from as high as 128.18 to as low as 125.39.
During the course of the day on Thursday, the pair fell significantly from 127.15 down to 125.86. Today, the pair oscillated between the levels of 125.38 and 125.93.
Investors’ attention is now turned on today’s E.U. Summit, while risk aversion will probably remain a main catalyst for the pair. In the event where the sellers resume their previous activity and force the pair to break below 125.38, the cross could find support at 125.00 and 124.29 in extension.
Alternatively, in the scenario where the buyers manage to gain momentum and push the price above yesterdays high of 127.15, the pair could rise up to 128.19 and 128.91 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.