EUR/JPY Price Analysis: Monthly support line probes sellers below 125.00
|- EUR/JPY seesaws near intraday low of 124.67 while extending Friday’s losses.
- Bearish MACD, pullback from 15-month high keep sellers hopeful.
- Only a fresh monthly high can convince buyers for return.
EUR/JPY remains on the back foot for the second consecutive day as it takes rounds to the intraday low of 124.67, currently around 124.73, while heading into the European session on Monday.
During the last week, the pair failed to extend its north-run beyond the late-April 2019. The pullback activated on Friday gains support from bearish MACD to suggest further downside.
Even so, the quote needs to break an ascending trend line from July 10, at 124.70 now, to revisit July 29 top near 124.30.
Not only the late-July top but July 24 trough near 122.85 and 200-bar SMA level of 122.60 can also lure the sellers past-124.70.
Alternatively, 125.20 and the monthly top near 125.60 could entertain the intraday buyers during the pair’s fresh pullback moves. Though, any more upside past-125.60 will easily break 126.00 to challenge April 2019 top near 126.80.
EUR/JPY four-hour chart
Trend: Pullback expected
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