The euro is once again testing breakout resistance against the Japanese yen, as the yen currency starts to weaken on the foreign exchange market. Lower time frame analysis shows that an inverted head and shoulders pattern is activated above the 130.60 level. According to the overall size of the bullish price pattern, the EURJPY pair could be preparing rally towards the 133.00 area.
The EURJPY pair is only bullish while trading above the 130.60 level, key resistance is found at the 132.00 and the 133.00 levels.
If the EURJPY pair trades below 130.60, sellers may test the 129.90 and 129.50 support levels.
