The EURJPY maintained a bearish momentum 2 weeks ago , topped at the 141.25 levels and bottomed at the 137.50 levels . Now pressure will be on the key support 137.50.
The EURJPY will have to hold below the 137.50 levels on a weekly closing basis to push the market for further downside losses , If seen It will target the 135.30 levels where a breach will turn focus on the 132.50 levels.
Alternatively , a failure to hold below the 137.50 levels could mean a return to the 141.25 levels , a halt is suggested but break of 141.25 levels will have large bullish implication towards the 145.70 levels , break of 145.70 will extend gains towards the 147.90 levels.
In all , as long as resistance 141.25 holds , the EURJPY is likely to return to its medium term downside bias with risk towards 135.30 levels , break of 141.25 will confirm bottoming and open 145.70 levels.