EURJPY: The cross took back most its previous week gains to close lower on Friday. This development leaves it vulnerable to the downside in the days ahead. While holding below the 136.96/137.44 zone,its key overhead resistance, risk remains lower.
Support comes in at the 135.00 level where a break will aim at the 134.50 level. A turn below here will target the 134.00 level with a breach turning focus to the 133.50 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance lies at the 136.00 level. Further out, resistance comes in at the 136.50 level where a break if seen will threaten further upside towards the 137.00. Further out, resistance resides at the 137.50 level. All in all, the cross now faces downside pressure.
