EUR/JPY: With price rejection now seen, EUR/JPY looks to put in temporary bottom. Unless the pair returns below the 128.26 level, we think a corrective recovery should occur. On the downside, support comes in at the 129.00 level where a break will aim at the 128.50 level. A turn below here will target the 128.00 level with a breach turning focus to the 127.50 level. Its daily RSI is bullish and pointing lower suggesting further weakness.
Conversely, resistance lies at the 130.00 level. Further out, resistance comes in at the 130.50 level where a break if seen will threaten further upside towards the 131.00. Further out, resistance resides at the 131.50 level. All in all, EUR/JPY looks to put in temporary bottom with possible corrective recovery.
