EURJPY: Halts Decline, Risk Turns To The 131.40 Level & Beyond
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EURJPY- With the cross halting its decline on Friday and following through higher during Monday trading today, there is risk of continued upside recovery. This should open the door for more strength towards the 131.40 level, its Jun 05’2013 high followed by the 132.07 level and ultimately its year-to-date high at the 133.81 level. Its daily RSI has turned higher supporting this view. On further downside, support comes in at the 129.06 level where a violation if seen will turn focus to the 126.15 level. We may see a halt here but if broken expect the cross to weaken further towards the 125.50 level and then the 125.00 level. All in all, the cross remains biased to the upside in the medium term.
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