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Short

EUR/JPY rejected at trendline resistance , good to sell rallies

FX:EURJPY   Euro / Japanese Yen
203 0 11
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).

Good to sell rallies around 125.80, SL: 126.60, TP: 125/124.50
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