Since the beginning of Monday’s trading, traders eyes looked at OIL, but interesting situation was also at EURJPY. Today EURJPY crashed through support at 122.80 and reached 3-years low. For a year price is moving respects downtrend line, so trend direction is indisputable. Nearest support which should be tested is 120.80 but only when price breaks below 122.80 level with success.
Currently demand does not give up and EURJPY has returned above 122.80. If this rebound is continues nearest resistances will be located at 125.00, 127.30. Just a little above last mentioned level there is downtrend line (green at the chart below). It is more likely that current rebound will finished soon and new wave of declines occur and will be tested 120.80 level.
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