EUR/JPY: Vulnerable To The Downside With Eyes On Key Support

EUR/JPY: Vulnerable To The Downside With Eyes On Key Support

22 April 2016, 07:31
Roberto Jacobs
0
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EUR/JPY: Vulnerable To The Downside With Eyes On Key Support

EURJPY: Having the cross closed lower after losing all of its intraday 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.


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