FxWirePro: EUR/JPY sees strong support at 123.30 levels, weakness only on breaks below

EUR/JPY rejected at days high at 125, edges lower to currently trade around 124.27 levels.

• The pair is holding above 5-DMA at 124.05, breaks below could see tests of 123.30 (strong trendline support).
   
• The pair has edged higher from new multi-year lows at 122.45, levels last seen in Apr 2013.
   
• Dragonfly Doji formation evidenced at lows suggests reversal in trend, we await for confirmation from RSI and Stochs to initiate long.

Resistance Levels:

R1: 125.0 (session high)

R2: 125.30 (10-DMA)

R3: 125.56 (Feb 22nd highs)

Support Levels:

S1: 124.005 (5-DMA)

S2: 123.27 (Feb 25th lows)

S3: 122.45 (Feb 24th lows)