EUR/JPY Price Analysis: Stays above 21-day EMA for third day

• EUR/JPY prints mild gains above 125.50, wards off Monday’s halt to three-day winning streak.
• Monthly falling trend line lures the bulls but bearish MACD will question further upside.
• 124.45/40 will gain the sellers’ attention on the break of immediate EMA support.

EUR/JPY eases from the intraday top of 125.75 to 125.67 while heading into Tuesday’s European session. Even so, the pair prints 0.18% gains on a day by the press time as 21-day EMA keeps sellers away.

Considering the pairs’ sustained trading beyond short-term key EMA, buyers may target the resistance line of a short-term descending triangle, at 126.16 now.

Though, bearish MACD may question the bulls afterward, which if ignored can challenge the monthly top near 127.10 during the further upside.

Meanwhile, the pair’s downside break of the 21-day EMA level of 125.44 may avail 124.70 as an intermediate halt before revisiting the triangle’s support, currently around 124.40.

If at all the bears sneak in around 124.40, they need to conquer the late-July top surrounding 124.30 before targeting a sub-123.00 area.

EUR/JPY daily chart

Trend: Further recovery expected