Chart EUR/JPY Update: Poised for deeper losses

Chart EUR/JPY Update: Poised for deeper losses


The anticipated break below 126.50 is approaching strong support at congestion around 126.00.
Intraday studies are mixed, suggesting short-term consolidation around here, before falling daily stochastics and the negative Tension Indicator prompt a break towards critical support at the 125.71 weekly low of 16 December. A further close beneath here will confirm a significant top in place at 127.50, and put focus on the 125.25 Fibonacci retracement .
Meanwhile, resistance is at 126.50. An unexpected close above here would delay downside development and put prices in consolidation beneath 127.00.

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