Today situation at EURJPY is quite different than it was in the last week. On Friday support at 122.50 was in trouble but today since the beginning of the day the demand strikes back. Three resistances were broken at levels: 122.80, 123.00, 123.50. Next resistances are at 123.80, 124.10 and the bulls should break it without bigger problems.

However higher at 124.60 level resistance is strengthened by downtrend line (look at the daily chart). If demand crashes through this level, that will be a huge bullish signal, but currently it is more likely that EURJPY will rebound there.

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EURJPY-H4

EURJPY-D1

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