EUR/JPY technical analysis: Buyers follow rising channel on hourly chart to aim for 125.25/30

• A weeklong ascending trend-channel and rising RSI from oversold region portray par’s strength.
• Multiple highs since April 24 can question buyers.

EUR/JPY again took a U-turn from almost one week long ascending trend-channel as it trades near 124.90 during early Thursday.

Adding to the chances of pair’s further recovery is gradually rising 14-bar relative strength index (RSI).

With this, the quote can easily cross 125.00 round-figure but highs since later part of April 24 could challenge buyers around 125.25/30 during additional increase.

Should there be extra rise past-125.30, channel’s resistance near 125.50 and 126.00 might become bulls’ favorites.

On the flipside, pair’s decline below 124.70 support-line can trigger fresh selling towards 124.40 and 124.20 rest-points.

However, the latest low near 124.10 and 61.8% Fibonacci expansion (FE) of its moves since April 17 at 123.65 can please sellers afterward.

EUR/JPY hourly chart

Trend: Positive