The EUR/JPY pair has been moving downwards since Friday, the 11th of March 2016, with the sellers leading the price from as high as 127.27 to as low as 125.32.
During the course of the day, the currency pair price open at the level of 126.34 and dropped down to 125.32, to later rise up to 126.49. At the time of writing the EUR/JPY pair is trading at 126.07.
In the scenario that the buyers exert heavier upward pressures and manage to push the price above the 126.30, the pair could reach 126.53 and 127.27 respectively.
Alternatively, if the sellers manage to gain momentum and force the price to break below the level of 125.66, the pair could decelerate down to 125.16 and 124.68 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.