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EURJPY:EURJPY maintained a second week of downside losses the past week breaking its Oct 30’08 high at 131.06/range top and its psycho level at 130.00 to close the week lower at 129.35.This is coming on the back of a failure and its subsequent declines off the 137.42 level, its April 06’09 high. As momentum indicators and price action are both pointing lower ,vulnerability of the cross is seen towards its key support at its Mar 30'09 low at 126.41. Although above that level will keep EURJPY’s upmove triggered at the 112.09 level to the upside, if that level snaps, a chart damage will occur and focus will turn to the 122.12 level, marking its Mar 12’09 low. To the topside, its psycho level at 130.00 and its Oct 30’08 high at 131.06/range top will be aimed at on any recovery from its present price with a breach of there bringing further upside gains towards the 134.33/53 area, its Mar 24’09/April 13’09 highs enroute to the 137.42 level, represent its April 06’09 high. A break and close above there is required to trigger the resumption its short term uptrend now hold. On the whole, having declined for two weeks in a row, EURJPY is poised to head further lower.

Support Comments
127.66 Jan 08’09 high
126.41 Mar 30'09 low
122.11 Mar 12’09 low

Resistance Comments
129.72 Dec 29’09 high
131.06 Range top
134.33/53 Mar 24’09/April 13’09 highs

Daily Chart: EURJPY