EUR/JPY technical analysis: Sellers keep lurking around nearby resistance-line, highlight 121.60

• Immediate trend-line, 200-HMA question buyers.
• Break of 121.60 could trigger a fresh downturn to 120.00.

Despite recent recovery, the EUR/JPY pair still trades under immediate trend-line resistances as it seesaws near 122.15 while heading into Europe open on Thursday.

In addition to a downward sloping resistance-line since May 21, at 122.25, 200-hour simple moving average (200-HMA) level of 122.70 also becomes the key for traders.

If at all buyers manage to clear 122.70, 123.0, 123.30 and 123.75 are likely consecutive numbers to appear as quotes.

Meanwhile, 121.95 and 121.60 are expected nearby supports to entertain sellers.

However, the pair’s decline below 121.60 opens the gate for further south-run towards 120.60 and 120.00 round-figure.

EUR/JPY hourly chart

Trend: Pullback expected