EURJPY: Weakens Below Its Consolidation Range

EURJPY: Weakens Below Its Consolidation Range

23 May 2016, 19:54
Roberto Jacobs
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EURJPY: Weakens Below Its Consolidation Range

EURJPY: With the cross breaking and trading below its consolidation range, risk of more weakness is likely in the days ahead. Support comes in at the 122.00 level where a break will aim at the 121.50 level. A turn below here will target the 121.00 level with a breach turning focus to the 120.50 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance lies at the 123.00 level. Further out, resistance comes in at the 123.50 level where a break if seen will threaten further upside towards the 124.00. Further out, resistance resides at the 124.50 level. All in all, EURJPY eyes further bearishness having declined during Monday trading session.


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