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EUR/JPY - Bearish Breakout

EUR/JPY has broken downtrend channel. Shortterm bullish momentum is fading. Hourly support is given at 124.68 (22/03/2016 low) while hourly resistance can be found at 128.22 (31/03/2016 high). Expected to show further consolidation.

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).

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