EUR/JPY Technical Analysis: recovery move stalls at 50-hourly SMA

   •  Snap six days of losing streak amid near-term oversold conditions.
   •  50-period SMA on 1-hourly chart hinders the recovery momentum. 
   •  Weakness back below 125.60 level to fade prospects of any further recovery.

EUR/JPY chart, 1-Hour

Spot rate: 125.90
Daily Low: 124.98
Daily High: 126.37
Trend: Bearish, with chances of some near-term corrective bounce. 

Support 1:             125.00 (psychological mark)
Support 2:             124.62 (11-month low set yesterday)
Support 3:             124.32 (S1 daily pivot point)

Resistance 1:       126.35 (intraday swing high)
Resistance 2:       127.01 (R1 daily pivot point)
Resistance 3:       127.23 (100-SMA H1)