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- EUR/JPY upside capped at 125 levels which is strong resistance for the pair.
- Downside for now is holding above channel base support at 124.25, breaks below could accentuate weakness, tests of 122.45 levels then likely.
- Techs show scope for upside is rising:
- We see a bullish 5-DMA crossover on the 10-DMA
- Daily Stochs and RSI have rolled over from oversold levels and biased higher
- MACD line has shown a bullish crossover on the signal line
Resistance Levels:
R1: 125
R2: 125.58 (Mar 4th highs)
R3: 125.96 (Feb 19th high)
Support Levels:
S1: 124.52 (5-DMA)
S2: 125.24 (Channel base)
S3: 124 (Psychological level)
