EURJPY weakens on price sell-off following as it holds on its nearer term bear pressure. Support comes in at the 124.00 level where a break if seen will aim at the 123.50 level. A cut through here will turn focus to the 123.00 level and possibly lower towards the 122.50 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 124.50 level. Further out, we envisage a possible move towards the 125.00 level. Further out, resistance resides at the 125.50 level with a turn above here aiming at the 126.00 level. On the whole, EURJPY retains downside nearer term.

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