EUR/JPY: Having sold off strongly during Monday’s trading session, EUR/JPY faces more downside pressure on sell off. This will leave its psychological level support at the 129.00 level as the next downside target. While the 131.35/77 zone remains unbroken, this view remains valid. Support comes in at the 128.50 level where a break will aim at the 128.00 level. A turn below here will target the 127.50 level with a breach turning focus to the 127.00 level.
Its daily RSI is bearish 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 yet, resistance resides at the 131.50 level. All in all, EUR/JPY faces more downside pressure on sell off.
