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Short

EURJPY breaks strong trendline support at 125.26, targets 124.40

FX:EURJPY   Euro Fx/Japanese Yen
245 0 9
EUR/JPY             is retreating from last week’s tops just above 128.00, and has breached strong trendline support at 125.26.

Momentum studies are bearish , confirming further downside in the pair.

Immediate support is seen at 125, breaks below will take the pair to next supports at 124.67 (Mar 22nd lows) and then 124.41 (61.8% Fib retrace of 112.058 to 128.221 rise).

Cloud base at 125.89 is strong resistance on the topside ahead of 125.96 (Feb 19th highs).

Good to sell rallies around 125.40, SL: 125.90, TP: 125/124.70/124.40
Trade active: All targets hit. Pair has tested lows @ 124.37.

Downside seems to be pausing at 61.8% Fib. Momentum still with the bears.

Break below 124.25 (Mar 7th lows) will accentuate downside.

Scope then for test of 78.6% Fib at 123.37.

Book partial profits, lower stops to 125, target 124.25/124/123.85
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