EURJPY: Set To Weaken Towards The 128.94 Level And Beyond


EURJPY-As weakness enters its third day following EURJPY's loss of momentum at the 134.53 level, risk of further downside is now seen towards the 128.94 level. A sustained penetration of that level will clear the way for further downside towards its July 08'09 low at 127.00 followed by the 126.83 level, its Nov 26'09 low. Its daily studies are trending lower and pointing to the downside suggesting further weakness. To avert its current downside pressure , the cross must break and hold above the 134.53 level and bring further upside gains towards the 135.37 level, its Nov 10'09 high and then its pattern resistance at 138.30.

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