April 22, 2016
EURJPY: Having the cross closed lower after losing all of its intra day gains on Thursday, further weakness is now envisaged. Support comes in at the 123.00 level where a break will aim at the 122.50 level. A turn below here will target the 122.00 level with a breach turning focus to the 121.00 level. Its daily RSI is bearish and pointing lower suggesting further downside pressure. Conversely, resistance lies at the 124.00 level. Further out, resistance comes in at the 124.50 level where a break if seen will threaten further upside towards the 125.00. Further out, resistance resides at the 125.50 level. All in all, EURJPY eyes further downside pressure on its broader trend resumption.
