- EUR/JPY has been rejected at highs by 126.62, strong trendline resistance seen at 126.60 levels.
- 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. Breaks below 10-DMA at 125.61 see little support till 125 levels.
- On the flipside, break above 126.60 could take the pair to 127.17 (50% Fib retrace of 132.287 to 122.058 fall).
Recommendation: Good to sell rallies around 125.80, SL: 126.60, TP: 125/124.50
The material has been provided by InstaForex Company – www.instaforex.com