EUR/JPY Technical Analysis: 125.50 is the level to beat for bears
Having slipped beneath 61.8% Fibonacci retracement of March month decline, the EUR/JPY pair presently trades near 125.80 during early Friday.
Even after declining under 126.00 support (now resistance), the quote is yet to breakdown three-week-old upward sloping trend-line at 125.50 which if broken would confirm ascending triangle break and could fetch prices to 125.00 – 124.95 support-zone.
It should also be noted that 125.40 can act as immediate support whereas 23.6% Fibonacci retracement near 124.55, followed by 124.55 and 123.80 rest-points, may please sellers after 124.95.
Alternatively, pair’s advances past-126.00 nearby resistance comprising 61.8% Fibonacci retracement level might aim for 126.30 ahead of the 126.80 horizontal-line connecting highs marked since March 20.
Moreover, sustained trading beyond 126.80 opens the door for the quote’s gradual increases to 127.00, 127.15 and then to 127.50 numbers to the north.
EUR/JPY Technical Analysis
Trend: Pullback expected