EURJPY looks to resume downside pressure despite its present price hesitation threats. Support comes in at the 124.00 level where a break if seen will aim at the 123.50 level. A cut through here will turn focus to the 123.00 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 125.00 level. Further out, we envisage a possible move towards the 125.50 level. Further out, resistance resides at the 126.00 level with a turn above here aiming at the 126.50 level. On the whole, EURJPY faces further price weakness nearer term.
