EUR/JPY technical analysis: Tops 10-day high, aims for 4H 200MA/immediate resistance-line

• A sustained break of 4H 100MA favors the EUR/JPY pair’s run-up towards 4H 200M and 7-week old descending trend-line.
• Month’s low near 120.78 acts as strong downside support.

EUR/JPY’s successful break of 100-bar moving average (4H 100MA) currently enables the pair to clock in the highest levels in 10-day as it trades near 122.21 during early Monday.

The 200-bar moving average (4H 200MA) at 122.33 seems the closest upside resistances that holds the key to the pair’s further advances towards the 7-week old descending trend-line, at 122.61 now.

Should prices rally past-122.61 resistance-line, 50% Fibonacci retracement of May – June downpour near 123.00 and late-May month tops surrounding 123.75 could flash on buyers’ radar.

Alternatively, a downside break of 4H 100MA level of 121.91 can expose the pair towards 121.60 and then to 121.00.

However, month’s low near 120.78 can limit the quote’s additional declines, if not then 120.00 and January’s flash crash bottom near 118.70 can come back to the chart.

EUR/JPY 4-Hour chart

Trend: Bullish