FxWirePro: EUR/JPY extends range trade for a second consecutive day, bias lower

• EUR/JPY is extending range trade for a second consecutive day, with day's highs at 122.79 and lows at 122.46.
   
• Pair remains capped below 5&10 DMAs, momentum studies are bearish.
   
• Strong support lies at 122.45 (Double bottom Feb 24th and 29th). Break below will see test of 122 levels.
   
• On the upside break above 123 will see bearish invalidation, test of next resistance at 124 then likely.
   
• Yen back on the bids after BoJ's Kuroda for the first time ever spoke on rolling back the ongoing accommodative monetary policy regime.
   
• We had advised a short (http://www.econotimes.com/FxWirePro-EUR-JPY-trades-a-narrow-20-pip-range-in-the-Asian-session-double-bottom-at-12245-offers-strong-support-211947).
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Recommend holding for targets.