EUR/JPY is extending decline on the day after seeing rejection at strong trendline resistance on Thursday's trade.
- Pair has been rejected multiple times at trendline since Mar 11th trade. Only breaks above could see further upside.
- Momentum studies on the 4 hourly charts have turned bearish. Price action converges with momentum indicators, reinforcing downside.
- On the flipside, break above trendline (currently at 126.40) could take the pair to 127.17 (50% Fib retrace of 132.287 to 122.058 fall).
- Our short call on the pair (http://www.econotimes.com/FxWirePro-EUR-JPY-rejected-at-12662-strong-trendline-resistance-good-to-sell-rallies-180266) is progressing.
Recommendation: Hold for targets.
