EURJPY bounces off lower prices to close higher on Thursday. This has opened the door for more strength in the days ahead. On the downside, support comes in at the 120.50 level where a break if seen will aim at the 120.00 level. A cut through here will turn focus to the 119.50 level and possibly lower towards the 119.00 level. On the upside, resistance resides at the 121.50 level. Further out, we envisage a possible move towards the 122.00 level. Further out, resistance resides at the 122.50 level with a turn above here aiming at the 123.00 level. On the whole, EURJPY retains its corrective upside pressure.
