Pair's rebound from 123.62 followed by an hourly closing above 123.74 (23.6% of 121.48-124.44) could see prices test 124-124.20 levels.
That would also increase odds of a head and shoulder formation on the hourly; especially if a rise to 124.-124.20 level is met with fresh offers.
EUR/USD appears stuck around daily 5-SMA hurdle, hence the USD/JPY has to bear the burden of pushing the cross higher to 124-124.20 levels.
That would also increase odds of a head and shoulder formation on the hourly; especially if a rise to 124.-124.20 level is met with fresh offers.
EUR/USD appears stuck around daily 5-SMA hurdle, hence the USD/JPY has to bear the burden of pushing the cross higher to 124-124.20 levels.