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EUR/JPY: Bearish, Vulnerable

EURJPY- While the cross continues to hold on to its downside pressure, further decline is possible. However, we think a correction higher cannot be ruled out.

Support comes in at the 137.00 level where a break will aim at the 136.50 level. A break will target the 137.00 level with a breach turning focus to the 136.00 level.

Below here will aim at the 135.50 level. On the upside, resistance resides at the 138.00 level where a break if seen will threaten further upside towards the 138.50.

Further out, resistance resides at the 139.00 level where a break will aim at the 139.50. All in all, the cross faces correction weakness risk.


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