EUR/JPY technical analysis: Bulls need to get above 200-day moving average in 125.30s

The price of EUR/JPY is heading back to the downside, unable to get above the 122.20s and the 23.6% of the late Sep 2018 highs to Jan lows with eyes now set on a sustained break below 2019 uptrend line at 121.40 and the 120.79 June low. Bears can then target the 119.91 78.6% Fibonacci retracement level ahead of a run towards the 117.85 January lows. On the upside, and beyond the said resistance, bulls can target a run to a break of the 50-day moving average at 122.40 ahead of the 123..80s. Bulls need to get above 200-day moving average at 125.30s.