Much like sterling this pair is through the 100 dma also. That’s no surprise given that the two both go virtually hand in hand.
The 38.2 fib from the Nov swing up is at 121.00 so there’s a bit of daylight from the current price.
We’ve held below the broken trend line and have used that as a resistance point since and that is likely to remain on any moves up.
The moves south have already taken out decent support at 126.20 and 125.81 with the last currently providing minor resistance now. The next batch is at 124.60 then 123.55.
Just looking at the price action GBP/JPY is 76 pips off it’s lows while the euro is only 30 odd.
If we get another attempt at 94 in USD/JPY that holds we may get a bounce that will be reflected in the crosses so I fancy taking a very small long around 125.50 with a 50 pip stop. I feel the trades risk is lower in EUR/JPY than GBP/JPY given the GBP move from it’s low.