EUR/JPY technical analysis: Embarking on a 38.2% retracement

• EUR/JPY is embarking on a 38.2% retracement.
• Trend line resistance a barrier and bears look to 117.55/52 levels. 

EUR/JPY is embarking on a 38.2% retracement but is being held up at trend-line resistance on the way there with the July low at 120.06 in its sights.

The June lows at 120.79/96 guard a run towards the 121.38 late July high. Failures here open prospects back to the downside with the 117.55/52 August 12 and September 12 lows and 116.58/115.87 recent lows in sight. First, bears will need to overcome the September 16 low at 118.70.

EUR/JPY daily chart