EUR/JPY Remains The Offensive Targeting The 132.61 Level

EUR/JPY: The cross turned sharply higher during Monday trading session leaving risk of more strength on the cards. EURJPY continues to hold above its key support at the 131.45 zone. On continued bull pressure it should move towards the 132.61 level where a break will open the way for further strength towards at the 133.00 level.

Further out, resistance comes in at the 133.50 level where a break if seen will threaten additional upside towards the 134.00. Above here will target resistance residing at the 134.50 level. Conversely, support comes in at the 131.50 level where a break will aim at the 131.00 level. A turn below here will target the 130.50 level with a breach turning focus to the 130.00 level. All in all, the cross now remains biased to the upside on price recovery.