EUR/JPY faces further downside pressure as it continues to retain corrective pullback threats. On the downside, support comes in at the 119.50 level where a break if seen will aim at the 119.00 level. A cut through here will turn focus to the 118.50 level and possibly lower towards the 118.00 level. On the upside, resistance resides at the 120.50 level. Further out, we envisage a possible move towards the 121.00 level.

Further out, resistance resides at the 121.50 level with a turn above here aiming at the 122.00 level. On the whole, EUR/JPY continues to retain its downside pressure.

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