EURJPY- The cross has turned lower below its medium term rising trendline suggesting more weakness could follow. Support lies at the 128.50 level where a violation will set the stage for a run at the 128.00 level and then the 127.50 level.
Its daily RSI is bearish and pointing lower supporting this view. On the upside, EURJPY will have to return above the 132.74 level to annul its present bear threats.
This zone if taken out will turn focus to the 133.81 level followed by the 134.50 level and then the 135.00 level.
All in all, the cross remains biased to the upside in the medium term though seen facing corrective pullback on price failure.
Guest post by FX Tech Strategy