- A weeklong ascending trend-channel and rising RSI from oversold region portray par’s strength.
- Multiple highs since April 24 can question buyers.
EUR/JPY again took a U-turn from almost one week long ascending trend-channel as it trades near 124.90 during early Thursday.
Adding to the chances of pair’s further recovery is gradually rising 14-bar relative strength index (RSI).
With this, the quote can easily cross 125.00 round-figure but highs since later part of April 24 could challenge buyers around 125.25/30 during additional increase.
Should there be extra rise past-125.30, channel’s resistance near 125.50 and 126.00 might become bulls’ favorites.
On the flipside, pair’s decline below 124.70 support-line can trigger fresh selling towards 124.40 and 124.20 rest-points.
However, the latest low near 124.10 and 61.8% Fibonacci expansion (FE) of its moves since April 17 at 123.65 can please sellers afterward.
EUR/JPY hourly chart
Click to visit Block Option Trading