EUR/JPY Price Analysis: Off intraday low but not out of the bears’ radar

• EUR/JPY struggles to keep recovery moves from 123.11.
• Three-day-old faling trend line, weekly resistance trend line favor sellers.
• RSI pullback from oversold territory pushes the bulls to await break of 123.50.

EUR/JPY pulls back from an intraday low of 123.11 to 123.23 ahead of Friday’s European session. However, the quote prints 0.18% intraday losses while staying below multiple resistance lines.

Among them, the first one drops from this Tuesday, at 123.35 now, ahead of a bit broader one from October 09, currently around 123.50.

While RSI recovery from the nearly oversold area suggests the pair’s further recovery, a clear break of 1203.50 becomes necessary for the EUR/JPY bulls before aiming 124.45 and the weekly top near 125.00.

On the contrary, a clear downside below 123.00 can take a rest on the upward sloping support line from June 19, around 122.90, a break of which will attack the previous month’s low near 122.30.

If at all the bears remain dominant past-122.30, the 122.00 threshold will be the key as it holds the gate for the EUR/JPY slump towards the 120.00 psychological magnet.

EUR/JPY daily chart

Trend: Bearish