EURJPY moves closer to key resistance on the daily chart
The 107.06-18 is key technical resistance for the EURJPY. The 107.06 level is the 38.2% retracement of the move down from the 2011 high to the January 2012 low. The 107.22 level is the 200 day MA. The price has not closed above the 200 day MA since July 7th, 2011. A move toward these key technical levels should slow the ascent higher, with stops on a move above the key level.
On the downside, there is trendline support at the 105.95 currently. Sellers will need to push the market below this level to negate some of the bullish bias. The topside channel comes in at the 107.05 which makes the levels from the daily chart, more significant.










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