EUR/JPY: Bears eyeing key downside levels

FXStreet (Guatemala) - EUR/JPY is currently trading at 135.76 with a high of 136.96 and a low of 135.71.

EUR/JPY is making progress on the upside with higher lows on the 10 minute chart post yesterday's continuation of downside play with ECB Governing Council member Benoit Coeure's comments that lead to a collapse in the euro before Japan printed positive GDP results in Asia,further adding to the downside in the cross. These additional fundamentals amongst the Greek debt situation is keeping the cross in bearish territory.

Technically, we are below the pivot located at 134.79 and the risk for the bulls is a break below 132.45 in the medium term. This is a key level where the short term uptrend started and a break below here could bring the 126.08 lows back in to focus, as suggested by Karen Jones, chief analyst at Commerzbank.