EURJPY- Having reversed its earlier losses to close higher the past week, the cross is now seen rallying strongly during Monday trading session.
Resistance resides at the 143.00 level with a break triggering further upside towards the 143.73 level.
Further out, resistance comes in at the 144.00 level where a break will turn attention to the 144.50 level and then the 144.00 level. A violation will push it further higher towards the 145.50 level.
Its daily RSI is bullish and pointing higher supporting this view. Conversely, on pullbacks support comes in at the 141.97 level where a reversal of roles as support is expected.
Further down support lies at the 141.00 level where a breach will target the 140.43 level. Bulls may come in here but if this fails to occur, further decline will follow towards the 139.96 level. All in all, the cross remains biased to the upside on recovery.
Guest post by FX Tech Strategy
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