Despite the strong bullish move , outlook in EURJPY has turned neutral with risk to the upside , support comes at the 138.46 levels , a failure to hold below the 138.46 levels on a weekly closing basis could mean a return to the 141.21 levels , a break will resume the whole rise towards the 142.50 levels , a halt is likely , but breaking the 142.50 levels will continue gains towards the 143.60/144.80 levels.
On the downside , support comes at the 138.46 levels (main) , sustained trading – weekly closing – below the 138.46 levels will put the pair in consolidation mode , but downside move below the 138.46 levels should be contained well by the 135.87 levels..
In all , as long as support 138.46 holds on a weekly closing basis , outlook in EURJPY remains on the upside towards the 141.21 levels , and possible higher towards the 142.50 levels , below the 138.46 levels will bring consolidation within 138.46/135.87 range before the next rise.
Time Frame : Weekly
Bullish Mode : Above 138.46
Consolidation Mode: Below 138.46
Bearish Mode : Below 135.87