The EUR/JPY pair has been moving downwards since Thursday, the 31st of March 2016, with the sellers leading the price from as high as levels of 128.22 to as low as 126.73.
On Friday, during the early European session, the pair price rose from 127.42 up to 128.16, but as of writing the pair price is currently trading at 126.85. In the event that the price breaks above 127.08, the pair could reach 127.47 and 127.66 respectively.
Alternatively, in the scenario where the sellers manage to force the pair to break below 126.43, the price could decelerate down to 126.02 and 125.50 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.