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EURJPY: The cross extended its recovery on Thursday leaving risk of additional strength on the cards. While the 137.05 level remains as support, its short term uptrend remains intact.

Resistance lies at the 139.50 level. Further out, resistance resides at the 140.00 level where a break if seen will threaten further upside towards the 140.50. Further out, resistance resides at the 141.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 138.00 level where a break will aim at the 137.50 level. A turn below here will target the 137.00 level with a breach turning focus to the 136.50 level. All in all, the cross now faces upside risk on recovery.


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