EUR/JPY: Although seen hesitating (daily chart) it continues to maintain its long term uptrend. It looks to eventually return above the 142.89 level where a violation will set the stage for a run at the 143.00 level with a cut through here aiming at the 143.50 level followed by the 144.00 level. Above here will turn attention to the 144.50 and then the 145.00 level.
Conversely, support lies at the 141.50 level where a breach will expose the 140.91 level followed by the 140.00 level.
Further down, support comes in at the 139.01 level where a break will push it further lower towards the 138.50 level. A cut through here will bring support standing at the 138.00 level.
All in all, the cross remains biased to the upside in the long term despite price hesitation.
Guest post by FX Tech Strategy
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