EUR/JPY Technical Analysis: Euro pares daily losses on ECB comment, trading in 128.40 region

• EUR/JPY rebounded from daily lows in the 128.00 region to trade at around 128.40 at the time of writing.
• Bloomberg says that ECB policymakers are planning to hold a discussion to stop purchasing bonds. The hawkish news sends EUR/JPY up about 50 pips.
• Next targets to the upside are likely located at the 128.71 Tuesday’s high and at 129.23 May 8 swing low.

EUR/JPY 15-minute chart

Spot rate:                     128.40
Relative change:         -0.04%     
High:                             128.72
Low:                              127.79

Trend:                            Bullish

Support 1:                    127.79 current Tuesday’s low
Support 2:                    126.00 handle
Support 3:                    124.61 May 29 swing low and 2018 low

Resistance 1:              128.72 current Tuesday’s high
Resistance 2:              129.23 May 8 swing low
Resistance 3:              131.00 handle