The euro currency is under heavy selling pressure against the Japanese yen after the pair collapsed under a large triangle pattern on Tuesday. EURJPY bulls need to defend the 130.50 support area to encourage a retest of the triangle breakout, around the 132.10 level. If the 130.50 level is broken then the EURJPY pair is likely to fall towards the psychological 130.00 support level.
If the EURJPY pair trades below the 132.10, sellers may test the 130.50 and 130.00 support levels.
EURJPY pair is only bullish while trading above the 132.10 level, key resistance is found at the 132.50 and the 132.95 levels