EURJPY: Bullish, Resumes Its Broader Uptrend.
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EURJPY- The cross has resumed its medium term uptrend paving the way for more upside offensive towards the 132.00 level and then the 133.00 level. A cut through here will target the 133.50 level and then the 134.00 level. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, the cross will have to return below the 125.00 level to reverse its broader medium term upside bias and bring further downside towards the 124.03 level. If this level is tested and broken, further declines should follow towards the 123.00 level. We expect here to hold and turn the cross higher. All in all, the cross remains biased to the upside.