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EUR/JPY Falters, Backs Off Ahead Of The 137.04/44 Area

EUR/JPY Falters, Backs Off Ahead Of The 137.04/44 Area

EUR/JPY: The cross may remain biased to the upside following its recent strength but it was seen backing off ahead of its key overhead resistance zone at the at 137.44/04 region during the Monday trading session. If this price action continues it could see EUR/JPY targeting further downside pressure towards its psycho level at 136.00 level. Below here will turn attention to the 135.50 level where a break will aim at the 135.o0 level. A turn below here will target the 134.50 level with a breach turning focus to the 134.00 level. On the other hand, resistance lies at the 137.00 level. Further out, resistance comes in at the 137.50 level where a break if seen will threaten further upside towards the 138.00. A violation of that level shifting interest to the 138.50 level. All in all, the cross now faces downside pressure on price pullback as long as the 137.04/44 zone remains unbroken

EUR/JPY Daily Chart

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