EUR/JPY Extends Corrective Recovery

EURJPY- Having triggered a correction on Monday and followed through on Tuesday, risk of more upside remains. On the downside, support comes in at the 128.00 level where a break will aim at the 127.50 level.

A turn below here will target the 127.00 level with a breach turning focus to the 126.50 level. Conversely, resistance resides at the 129.05 level where a break if seen will threaten further upside towards the 129.30.

Further out, resistance resides at the 130.00 level where a break will aim at the 131.00. All in all, the cross continues to face downside risk medium term but has triggered a correction short term.

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