The Euro formed a decent support near the 124.40 level and later recovered against the Japanese Yen. The EUR/JPY pair traded above the 124.60 resistance, but there are many hurdles on the upside.
Earlier, there was a short term decline, but the pair found support near 124.40, the 61.8% Fib retracement level of the last wave from the 124.17 low to 124.87 high, and the 50 hourly simple moving average.
To the topside, there is a strong resistance formed near 124.80 and a key bearish trend line with resistance at 124.85 on the hourly chart. A successful break above 124.85 and 125.00 is must for buyers to gain traction.
If buyers fail to push EUR/JPY above the 125.00 resistance, there could be a fresh drop towards the 124.50 or 124.40 support levels in the near term.
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