EURJPY faces recovery risk on price rejection. This development could see the pair strengthening further in the days ahead. Support comes in at the 129.50 level where a break if seen will aim at the 129.00 level. A cut through here will turn focus to the 128.30 level and further lower towards the 128.00 level. On the upside, resistance resides at the 130.50 level. Further out, we envisage a possible move towards the 131.00 level. Further out, resistance resides at the 131.50 level with a turn above here aiming at the 132.00 level. On the whole, EURJPY continues to face further recovery threats above its recent low.

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