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Forex: EUR/JPY resuming the downside, around 125.00

The pair is now resuming its intraday downside, after a bout of risk appetite lifted the single currency and pushed the cross from lows around 124.40 to the boundaries of 125.80

G.Yu and G.Berry, Strategist at the Swiss lender UBS, keep the bullish tone on EUR/JPY, arguing, “The next strong resistance is at 127.71-127.92, a break above would open 132.05. Support is at 123.81 ahead of 121.77”.

The cross is now losing 0.65% at 124.83
Next support levels line up at 124.39 (low Mar.12) followed by 124.30 (MA100h) and then the psychological level at 124.00
On the flip side, a breakout of 126.03 (high Mar.12) would expose 126.58 (high Feb.13) and finally 126.94 (high Feb.12).

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