EURJPY – Daily Forecast 23 Jul 2013

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The EURJPY maintained a bearish momentum yesterday bottomed at 131.13 and closed at  131.22. Now the pressure will be on the key support 131.13. The EURJPY will have to hold below the 131.13 levels on a daily closing basis to push the market for further downside losses If seen it will target the 130.00 levels where a breach will turn the focus on the 128.60 levels.

Alternatively, a failure to hold below the 131.13 levels could mean a return to the 132.23 levels, a daily close above the 132.23 levels will extend gains towards the 133.80 levels ahead of the 134.37 levels.

In all, as long as 132.23 holds on a daily closing basis, the pair will remain under pressure with risk towards 130.00 levels ahead of 128.60 levels.

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