EUR/JPY Technical Analysis: Dip-buying to help limit any meaningful slide, 125.00 mark holds the key

   •  The cross remained under some selling pressure through the mid-European session on Tuesday and eroded a part of the previous session's goodish up-move to fresh YTD tops.

   •  However, given that the pair has been trending higher alongside an ascending channel formation since early January clearly points to a well established near-term bullish trajectory.

   •  This coupled with the last week’s sustained move beyond 50-day SMA add credence to the constructive outlook and support prospects for an extension of the recent up-move. 

   •  Meanwhile, oscillators on the 1-hourly chart have been losing momentum but have just started gaining traction on the daily chart, indicating dip-buying interest at lower levels.

   •  Hence, any meaningful slide back towards the key 125.00 psychological mark might be seen as a buying opportunity and help limit any meaningful downside, at least for some time.

EUR/JPY 4-hourly chart