The EUR/JPY pair is still re-testing the retesting line previous broken line as seen on the main daily chart. The secondary image of the Stochastic for the four-hour charts shows a negative crossover, supporting the idea technical idea that, the pair is to move downwards over intraday basis, influenced by the negative harmonic AB=CD structure.
The trading range for today is among key support at 122.10 and key resistance now at 126.80.
The general trend over short term basis is to the downside, targeting 115.00 as far as areas of 132.50 remain intact.
Support124.65124.15123.60123.15122.80Resistance125.50126.30126.80127.30127.85RecommendationBased on the charts and explanations above our opinion is, selling the pair from 125.25 targeting 123.15 and stop loss above 126.80 might be appropriate.