EURJPY- The cross continues to consolidate suggestive of an eventual return to the 131.11 level on ending the mentioned consolidation. This if seen will reverse its entire weakness and target the 132.00 level and then the 133.00 level. Alternatively, the cross will have to return below the 125.00 level to reverse its broader medium term upside bias and bring further downside towards the 124.03 level. If this level is tested and broken, further declines should follow towards the 123.00 level. We expect here to hold and turn the cross higher. All in all, the cross remains biased to the upside.
