EURJPY faces further downside pressure as it looks to weaken further towards its key support at 121.01. On the downside, support comes in at the 121.00 level where a break if seen will aim at the 120.50 level. A cut through here will turn focus to the 120.00 level and possibly lower towards the 119.50 level. On the upside, resistance comes in at the 122.00 level. Further out, we envisage a possible move towards the 122.50 level of the former level. Further out, resistance resides at the 123.00 level with a turn above here aiming at the 123.50 level. On the whole, EURJPY continues to retain its downside pressure nearer term.
