EUR/JPY down around 300-pips in two days, techs indicate further downside for the pair.
The major has been trading a falling channel and tests of 125.50 levels likely on charts.
The following support further downside: - A bearish crossover of MACD line over signal line - RSI is at 34 with room for further downside - Stochs point south
Supports on the downside are seen at 126.16 (Jan 21st lows) and then 126.09 (Apr 14th 2015 lows) and then 125.25 (channel base).
Immediate resistance on the upside is seen at 128 (session highs), 128.41 (Jan 15 highs) and then at 128.56 (Jan 19th highs)
We have advised shorts at 131 levels (link below), hold trade for TP:125.50, lower trailing stop to 128
Even new shorts are good at these levels, enter upticks around 127.30/40, SL: 128.40, TP: 126.20/125.50