EUR/JPY: EUR/JPY sold off on price failure cutting through its key support 134.79 level on Thursday. This development now leaves it targeting further weakness towards the 133.50 level. As long as it can trade and hold below its support at 134.79 level, more weakness is likely. But, beware of the 133.43/14 zone as it must be taken out for further weakness to occur.
A turn below here will aim at 132.50 level with a break turning attention to the 132.00 level. Below here if seen will expose the 131.50 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely resistance is seen at the 134.50 level where a break will turn attention to the 135.00 level. Further out, resistance lies at the 135.50 level where a break will aim at the 136.00 level. All in all, the cross remains biased to the downside in the short term.
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