EUR/JPY Technical Analysis: 61.8% Fibonacci retracement guards the upside around 127.50-60

• The EUR/JPY pair trades near 127.30 during early Monday.
• The pair successfully trades beyond 100-day simple moving average (SMA) for the first time in a year but is yet to clear the 127.50-60 resistance-region, including 61.8% Fibonacci retracement of its September – January south-run.
• Should prices manage to conquer 127.60 upside barrier, 200-day SMA level of 128.15 is likely another stop that can challenge buyers.
• During the pair’s rise after 128.15, 129.30 and 130.00 might become bulls’ favorites.
• Meanwhile, 100-day SMA level of 126.85 can act as immediate support for the pair, a break of which can print 126.40 on the chart.
• However, 50% Fibonacci and an upward sloping support-line joining the lows of February 15 and 27 could limit the quote’s downside at 125.85.
• It should also be noted that bears’ dominance past-125.85 might not hesitate to flash 125.00 as a quote.

EUR/JPY daily chart