The EUR/JPY has been rejected from the resistance by the worse than expected German manufacturing PMI.
125.60-70 is the POC zone where the price might reject. Order blocks are clearly defined by the blue horizontal lines. At this point the price is below the projected ATR low, so we will see either an up move from the POC or new bearish momentum. Targets for a bullish move are 126.27, 126.41 and 126.70. Above we will see a bullish continuation towards 127.08. However, a drop below 125.40 will probably target 124.75 and the pair will be put into a neutral mode again where bears might start to dominate.
The analysis has been done with the CAMMACD.MTF template.
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