EUR/JPY technical analysis: Upside limited by 122.85 resistance-confluence

Close to-term trend-line confluence can restrict the upside.
Adjoining support-line might query declines.

Regardless of being on the bids round 122.75 throughout early Monday, the EUR/JPY pair is probably going discovering exhausting to increase the most recent advances.

The reason is 122.85 resistance-confluence that contains of near-term descending and horizontal trend-lines.

Ought to there be further upside past-122.85, pair’s rise to 61.eight% Fibonacci retracement degree close to 123.15 can’t be denied.

If in any respect bulls proceed dominating commerce sentiment above 123.15, 123.55 and the most recent excessive close to 123.75 may very well be of significance to observe.

In the meantime, 122.60 and quick upward sloping trend-line at 122.40 might restrict the quote’s close by declines.

In a case the place costs slip below 122.40, 122.25 and 122.00 may come again on the chart.

EUR/JPY hourly chart

Pattern: Bearish


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