EURJPY: The 138.13/137.97 Zone To Provide Support.
EURJPY- Although the cross may be weak and vulnerable to the downside, it faces a recovery higher especially now that it is seen struggling at the 138.13/137.97 levels. This level could hold and turn the cross back up but if violated, support lies at the 137.50 level. A violation will target the 137.00 level and then the 136.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 139.50 level where a breach will aim at the 139.95/8 level. Resistance resides at the 140.94. We may see a breather here but if that fails, further gains could follow towards the 141.50 level. A cut through here will target the 142.46 level. All in all, the cross remains biased to the downside.
