EUR/JPY: local downward retracement?
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For the last two weeks, the channel of 126.50-126.70 has been capping the upside potential for USD/JPY. It already bounced downwards a couple of times previously, the last one took place a week ago. Currently, the pair is exactly at the entrance of this resistance channel. If it moves further upwards to cross this channel, we may consider the sideways trajectory to be discontinued. Otherwise, if the price leaves 126.50 to a lower area, the support zone of 125.80-126.00 may be the likely target.
