EUR crosses/JPY crosses/Technical Analysis

EUR/JPY: Next major technical resistance at 116.70

116.70 is the 50% retracement of the big fall from 139.20 to 94.00 and should be respected, as the Yen pairs always seem to pay particular attention to the 50% pull-back level. Above that, there is more resistance in a row of daily highs near 117.90.

Support levels should now be firm beginning at 112.50 down through 111.40.

Playing a wide 111.50/116.50 range over the New Year holiday does seem like a sensible strategy.

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