EUR/JPY Technical Analysis: Dismal PMI-led sharp intraday fall stalls near an ascending trend-line support

   •  The cross continued with it’s struggled to build on the momentum beyond the 129.00 handle and retreated sharply following the release of disappointing Euro-zone PMI prints.

   •  A sustained break below 100-hour SMA further accelerated the downward momentum, through the selling pressure now seems to have abated ahead of an ascending trend-line.

   •  The mentioned trend-line extends from over two-month lows set in October and might now act as a key trigger for bearish traders/resumption of the prior downward trajectory.

   •  Technical indicators on the 1-hourly chart are already pointing to oversold conditions but have just started gaining bearish momentum on 4-hourly/daily charts.

   •  Hence, it would be prudent to wait for a convincing breakthrough the mentioned support before traders start positioning for any further near-term depreciating move.
 

EUR/JPY 1-hourly chart