EUR/JPY Reaches First Interesting Resistance

The FX Specialist view - Long term support in EUR/JPY has come from a 76.4% pullback level, and we are still waiting to see if a better recovery can get established. At the moment the first noteworthy resistance has now been tested, although not yet overcome.

• MONTHLY CHART The 76.4% pullback level has been providing good shorter term support. The first recovery level of note here is the 118.32 38.2% retracement, but also see Daily chart.
• DAILY CHART: We have added nearby dual resistance on the Daily chart, coming from a s/term 76.4% bounce level and falling resistance line just above, around 114.00 just now. A clear close above this would be the first interesting bull sign, with further breaches of 114.95 and 115.66 prior highs providing a boost, with first target being that 38.2% level from the Weekly chart. Support is offered by the 110.24 04-Jan high.

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