The EUR/JPY pair has been trending upwards since the 1st of March 2016, with the bulls leading the price from as low as 122.05 to as high as 125.58.
During the course of the day on Friday the pair initially fell, but found enough support to subsequently rally up to 125.58. Today, the pair fell from 125.02 to 124.63 at the time of writing. In the event that the sellers keep exerting strong pressures and the price breaks below 124.23, the cross could find support at 123.82 and 123.39 in extension.
Conversely, in the scenario where the pair breaks above 125.58 Friday’s high, the pair could reach 125.75 and 126.11 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.