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EUR/JPY rejected at days high at 125, edges lower to currently trade around 124.27 levels.
- The pair is holding above 5-DMA at 124.05, breaks below could see tests of 123.30 (strong trendline support).
- The pair has edged higher from new multi-year lows at 122.45, levels last seen in Apr 2013.
- Dragonfly Doji formation evidenced at lows suggests reversal in trend, we await for confirmation from RSI and Stochs to initiate long.
Resistance Levels:
R1: 125.0 (session high)
R2: 125.30 (10-DMA)
R3: 125.56 (Feb 22nd highs)
Support Levels:
S1: 124.005 (5-DMA)
S2: 123.27 (Feb 25th lows)
S3: 122.45 (Feb 24th lows)
