EUR/JPY technical analysis: 23.6% Fibo. offers nearest support before 121.25/30, 120.78

• 23.6% of Fibonacci retracement limits immediate downside.
• 4H 100MA caps nearby advances.

Despite taking U-turn from 100-bar moving average (4H 100MA), 23.6% Fibonacci retracement of its early May to June downpour limits the EUR/JPY pair’s immediate declines as it takes the rounds of 121.66 while heading into the European open on Tuesday.

Should sellers refrain from respecting 121.60 support, an area comprising June 06 low around 121.25/30 and the current year low of 120.78 may gain their attention.

Meanwhile, an uptick beyond 4H 100MA level of 122.07 can push buyers towards 4H 200MA level of 122.60.

In a case where prices keep rallying past-122.60, 61.8% Fibonacci retracement near 123.00 and last week's top close to 123.20 can gain come back on the chart.

EUR/JPY 4-Hour chart

Trend: Pullback expected