EUR/JPY: Retains Downside Pressure With Eyes On 125.53 Zone

EURJPY retains downside pressure with eyes on 125.53 zone. Support comes in at the 125.50 level where a break if seen will aim at the 125.00 level. A cut through here will turn focus to the 124.50 level and possibly lower towards the 124.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 126.50 level. Further out, we envisage a possible move towards the 127.00 level. Further out, resistance resides at the 127.50 level with a turn above here aiming at the 128.00 level. On the whole, EURJPY faces further price weakness in the short term.

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