The EUR/JPY pair has been gradually moving higher since Tuesday, the 22nd of March 2016, with the upward pressures being noticed from as low as 124.67 to as high as 126.44.
During the course of the session on Thursday, the pair initially fell to down to 125.38 to subsequently rise up to 126.44, before falling once again down to 126.00. At the time of writing the pair is trading at 126.15.
In the event that the buyers keep pushing higher and the price breaks above 126.28, profit targets could be locked in at 126.44.
On the other hand, in the scenario where the price finds the 126.28 level to be too resistive and the price corrects below 125.76, the pair could go down to 125.36 and 125.09 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.