EURJPY: Having rallied strongly the past week, we envisage further strength to occur. However, with almost a half of that rally taken back, a correction could be developing ahead of its medium term falling trendline (red). Support comes in at the 131.00 level where a break will aim at the 130.50 level. A turn below here will target the 130.00 level with a breach turning focus to the 129.50 level. Conversely, resistance lies at the 132.00 level. Further out, resistance comes in at the 132.50 level where a break if seen will threaten further upside towards the 133.00. Further out, resistance resides at the 133.50 level. All in all, EURJPY remains biased to the upside but with caution.
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