EURJPY: Rallies, Resumes Medium Term Uptrend.

EURJPY- With the cross taking out its key resistance at its Jan 2013 high at 120.70 level on Thursday and following through higher today, further bullish offensive is likely in the days. This leaves the cross targeting the 122.50 level where a breach will open the door for a run at the 123.00 level and then the 123.29/50 levels. Its daily RSI is bullish and pointing higher supporting this view. On the other hand, support resides at the 120.70 level where a reversal of roles as support is expected to occur and turn it back up. Further down, support comes in at the 119.00 level and then the 118.00 level. All in all, the cross remains biased to the upside in the medium term.

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