EURJPY: Bear Pressure Builds Up On Price Failure

EURJPY: The cross closed on a rejection candle after a failed intra day attempts on the upside. We now look for EURJPY to decline further. This view remains valid as long as it holds and trades below the 135.71/136.33 zone. Resistance is seen at the 135.50 level where a break will turn attention to the 136.00 level.  Further out, resistance lies at the 136.50 level where a break will aim at the 137.00 level. A turn above here will target the 137.50 level. On the downside, support resides at the 134.00 level. Further down, support resides at the 133.50 level where a break if seen will threaten further downside towards the 133.00. Further out, support comes in at the 132.50 level. All in all, the cross now faces downside risk on loss of upside momentum.



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