EUR/JPY- The cross turned lower the past week following a back off higher level prices and declined further during Monday trading session.
This development leaves it weak and vulnerable to the downside with eyes on the 141.49 level where a breach will aim at the 140.97 level. A cut through that level will open the door for a run at the 140.50 level and then the 140.00 level. A turn below here will target the 139.50 level. Its daily RSI is bearish and pointing lower supporting this view.
On the other hand, resistance resides at the 143.00 level with a cut through here paving the way for a run at the 143.50 level followed by the 144.00 level. Above here if seen will aim at the 144.50 and then the 145.00 level.
All in all, the cross remains biased to the upside in the long term despite its pullback attempts.
Guest post by FX Tech Strategy
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