The EUR/JPY pair has been moving upwards since the 24 of February 2016, with the buyers leading the price from as low of 122.46 to as high as 124.99.
The currency pair consolidated on Friday, balancing between the levels of 124.21 and 124.86. On Monday, the EUR/JPY price opened at 124.45 and dropped at 123.40. In the scenario that the buyers exert heavier upward pressures and manage to push the price above the 126.61, the pair could reach 125.32 and 125.99 respectively.
Alternatively, if the sellers manage to force the price to break below the level of 123.05, the pair could decelerate to 122.46.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.