The EURJPY failed to hold below the 137.50 levels, as a result, the pair returned to the main resistance 141.25 as said last week. Despite rise from 136.22 levels, the outlook in EURJPY is on the downside as long as resistance 141.25 holds on a weekly closing basis with risk towards the 137.50 levels, where a breach will turn the focus on the 135.30 levels, a cut will bring a free fall towards the 132.50 levels.
On the upside, break of 141.25 on a weekly basis 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.
For day traders, selling the pair is recommended after rejection from 141.25 on a daily basis with a target towards 138.66 levels ahead of 137.50 levels, or buying the pair after rejection above the 141.25 levels on a daily basis with a target towards the 143.15 levels ahead of 145.15 levels.