EURJPY Set To Weaken Further On Sell Off

EURJPY continues to face risk of more weakness followings its past week sell off. On the downside, support comes in at the 125.00 level where a break if seen will aim at the 124.50 level. A cut through here will turn focus to the 124.00 level and possibly lower towards the 123.50 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 126.00 level. Further out, we envisage a possible move towards the 126.50 level. Further out, resistance resides at the 127.00 level with a turn above here aiming at the 127.50 level. On the whole, EURJPY continues to face risk of further move lower.