EURJPY: Having put in a temporary bottom to close strongly higher on Wednesday and closing flat after reversing its intra day losses on Thursday, we look for a build up on that strength in the days ahead. If this is seen expect more recovery towards 135.00 level where a break will turn attention to the 135.50 level. Further out, resistance lies at the 136.00 level where a break will aim at the 136.50 level. A turn above here will target the 137.00 level Conversely, support resides at the 134.00 level. Further out, resistance resides at the 133.50 level where a break if seen will threaten further upside towards the 133.00. Further out, resistance comes in at the 132.50 level. All in all, the cross now faces downside risk.
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