Price action on EUR/JPY, a daily chart of which is shown, has been entrenched in a relatively strong downtrend since the mid-January highs. In the process of this downtrend, several key support levels have been broken down, including key levels around the 127.00 and 125.00 price regions. After breaking swiftly and strongly below the 125.00 area in early February, price action toyed with the 122.00 support/resistance region before consolidating in a bullish retracement that has taken the form of a short-term, flag-like parallel uptrend channel. For more technical analysis on this currency pair,
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