EUR/JPY - Can 124.80 hold for a third time?

Likely scenario: Move to the downside after a break below 124.80 with targets at 122.46

Alternative scenario: Above 124.80 looking for a upside movement with targets at 127.02 

Trade Comments: On this pair the monthly time-frame is showing a heavy down trend  from the beginning of 2018 and now has broken its monthly support level at 124.80. Now on the weekly time-frame we can see price trending up and also the price trying twice to break the 124.80 support level and could not accomplished its task.

Daily has now shown us a signal of a trend break out to the downside so the next step is now wait for a break below or possibly a pull back from this level to retest the trend-line then ride it down the next potential price action target. 

Daniel PerkinsComment