EUR/JPY - Short-Term Weakening
EUR/JPY is located on a short-term uptrend channel. Hourly resistance can be found at 127.29 (14/03/2016 high). Hourly support is given at 125.10 (10/03/2016 low). A break of support implied by the lower bound of the uptrend channel at around 124.00 is necessary to confirm any end of the current short-term bullish trend.
In the longer term, the technical structure validates a medium-term succession of lower highs and lower lows. As a result, the resistance at 149.78 (08/12/2014 high) has likely marked the end of the rise that started in July 2012. Strong support is given at 118.73 (25/02/2013 low). A key resistance can be found at 141.06 (04/06/2015 high).