Forex: EUR/JPY gives back all Friday's gains below 125.00

EUR/JPY has bounced so far from fresh weekly lows at 124.16 to present 124.53, down -1.71% from previous weekly close Friday. According to FXstreet.com Independent Analyst Ivan Delgado: “The next key support at 123.80 - Jan 31 high - may interfere on the prolonged selling interest off overbought levels,” Ivan says, adding: “A break lower exposes 122.80-123.00 - Jan 25 high,” he concludes.

For FXWW founder Sean Lee though: “Initial support comes in at 123.15 and yesterday’s highs at 127.00 should prove tough to overcome for the rest of this week. I prefer a bearish bias in the short term whilst further profit taking emerges but buying deep medium-term dips still seems like the logical play,” the analyst says.

Immediate support to the downside for EUR/JPY lies at recent fresh weekly lows 124.16, followed by Wednesday's highs at 123.88, and Thursday's lows at 122.96. To the upside, nearest term resistance shows at Friday's lows 124.78, followed by Friday's London session highs at 126.16, and Friday's fresh 34-month high at 126.97.