- EUR/JPY was rejected at session highs by 124.13, has slipped below 124 handle to currently trade at 123.45.
- The shared currency is losing the grip in the European session as we head into eurozone flash inflation data.
- The pair finds major resistance at 124.19 (trendline and 55-EMA), breaks above needed for further upside, weakness only below 123 levels.
- Supports on the downside are located at 123.08 (converged 5&10-DMA), 122.65 (May 30th lows) and 122.21 (May 27th lows).
- Resistances above 124.19 are seen at 124.65 (May 12th highs) and then 125.
- Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-extends-gains-above-123-handle-focus-now-on-German-CPI-data-214632) has hit TP1 and 2.
Recommend holding for targets. Bullish invalidation below 123 levels.
