Forex: EUR/JPY falls off highs to 131.83/84

FXstreet.com (Barcelona) - The EUR/JPY has quietly flown under the radar with all the focus on the USD/JPY action. Though the fact clearly remains that the yen is under siege from all angles, with the cross now notching firm gains. A recent intraday high was capped at 132.19, leading to an easing back to 131.83/84 in these moments.

According to the Technical Analyst Team at ICN.com, “The EUR/JPY resumed the rally, heading to our full upside target at 132.00 level. The breakout of the triangle pattern suggests an upside move that has projected target above 135.00, accordingly, we remain bullish as there could be further room to the upside.”

At the time of writing, the cross is advancing at a rate of +0.43% - the Mataf.net analyst team posits the next means of resistance at 132.24, followed by 133.10, and ultimately 134.42. On the decline, a break below 130.06 will trigger short-term supports for the EUR/JPY at 128.74, ahead of 127.88.