The uncertainty about Greece is bugging the market, and until the issue is resolved, the market will be on the defensive. The doubts whether Greece would win euro-zone aid has pushed EURJPY on the downward path.
The EURJPY has twice unsuccessfully to penetrate 125.00 level. The second failure carried the pair passed the 80EMA, 200 EMA and 365 EMA. Currently the pair is resting at 50% retracement (122.43) and the trend line A1-A2. Initial bias for next week is a correction up to 38.2% retracement (123.09) as both lags are at the bottom and the MACD histogram reversing from the recent extreme low.
Any break of the support at 125.50 and the trend line A1-A2, the target drop is 61.8% retracement at 121.78.
