EUR/JPY technical analysis: Buyers follow short-term rising channel to aim for further upside

• 50-HMA, rising channel portrays gradual recovery.
• Chanel resistance, 200-HMA act as tough upside barriers.

Following its 5-day long rising channel formation, EUR/JPY takes the bids near 121.85 during early Monday morning in Asia.

The recent pullback in prices favors pair’s run-up to 121.94 before confronting the 122.13/14 area comprising 200-hour moving average (HMA) and channel’s upper-line.

Should there be additional upside past-122.14, 61.8% Fibonacci retracement near 122.58 may gain buyers’ attention.

Meanwhile, 50-HMA and channel support limit the quote’s immediate declines near 121.68/67, a break of which can recall 121.42 and 121.30 supports back to the chart.

EUR/JPY hourly chart

Trend: Bullish