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Short EUR/JPY on breaks below 125, target 122.90

FX:EURJPY   Euro Fx/Japanese Yen
208 1 5
EUR/JPY             has taken strong support at 125 which is base of the 8 month downward channel .

The pair has edged higher from day's lows at 125.03 to currently trade at 125.25, some consolidation likely at current levels.

Technicals are biased lower, momentum is with the bears, breaks below 125 could see test of 124 levels and then 122.90.

Immediate resistance on the upside is seen at 125.95 (Feb 19th high) and further ahead at 126.03 (5-DMA).

We would go short on breaks below 125, SL: 126, TP: 124/123/122.90
I would think it would pull back up to correct the trend channel...do you think? Possibly up to 128-132 area.
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