• 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 

Recommendation: We would recommend taking long positions on close above 125, SL: 124.35, TP: 125.55/126

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)