JPY crosses/Technical Analysis

EUR/JPY: 123.00 still shaping as important level

There is strong technical resistance at 123.00 (prior weekly high and 38.2% retracement 170/94) and also some talk of barriers at this level. Bulls will be keen to take this level out but after such a long run higher, some will undoubtedly take profits if we have another failure. Risk-reward would seem to favour selling intraday rallies to 122.90 with a tight 50 pip stop. Intraday support levels begin around 121.50/60. Perhaps we get a few sessions of range trading inside of these levels.

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