EUR/JPY Technical Analysis: Further retracements likely below 126.24

• EUR/JPY is fading part of yesterday’s positive performance and has returned to the 124.00 area on Tuesday.
• While below the multi-month resistance line at 126.24, another visit to January low at 122.58 should remain on the cards, ahead of the ‘flash crash’ to sub-119.00 levels seen in early January.
• On the upside, the cross faces interim resistance in the 125.25/44 band, where converge the 21-day, 100-day and 55-day SMAs. Above this region, the downside pressure is expected to mitigate and the cross should then refocus on April tops just below 127.00 the figure.

EUR/JPY daily chart