EUR/JPY Technical Analysis: Break of 4-week old trend-line highlights 125.00/124.95 support
|EUR/JPY is trading near 125.50 during early Wednesday. The quote dropped below four-week-old ascending trend-line on Tuesday and on the decline since then, indicating brighter chances of flashing 125.00 – 124.95 area again on the chart.
Should the quote drops beneath 124.95, there are multiple supports between 124.60 and 124.40 whereas 124.00 can please sellers then after.
In a case where prices decline below 124.00, 123.80 and 123.60 could flash on the Bears’ radar ahead of aiming 123.00.
On the upside, 125.60 and immediate descending trend-line at 125.85 can keep limiting the pair’s advances, a break of which may escalate the recovery to 126.30.
However, 126.75/80 is a tough resistance-zone past-126.30 which if broken could propel the quote towards 61.8% Fibonacci expansion (FE) of its recent moves near 127.25.
EUR/JPY 4-Hour chart
Trend: Bearish
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