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EUR/JPY Price Analysis: Buyers elusive despite Monday’s trendline breakout

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EUR/JPY is flashing crimson at press time notwithstanding a bullish breakout on the day by day chart.

The forex pair is buying and selling near 124.00, representing a 0.35% drop on the day.

The losses contradict the bullish image painted through Monday’s shut above the descending trendline falling from Sept. 1 and Oct. 20 highs. The breakout advised that the sell-off from 127 has ended and the route of least resistance is now to the greater side.

So far, however, the bulls have remained elusive, which is really confounding, given the pro-risk surroundings in markets. The US shares jumped on Monday, presenting superb cues to Asian equities after US pharma large Pfizer introduced wonderful consequences of its coronavirus vaccine.

The pair has immediately assist at 123.74 (100-day SMA), which, if breached, would expose the psychological deal with of 123.00. On the flip side, a cross above the Asian session excessive of 124.49 would open the doorways for a re-test of 125.14 (Monday’s high).

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