The EUR/JPY pair has been ranging mostly between the levels of 133.17 and 131.84, since the 10th of October 2015.
During the course of the session on Wednesday, the pair initially tried to rally, but turned back around to hover over between the levels of 132.53 and 132.31. The pair today rose up to 132.78. In the event that the buyers face enough resistance above that level, the pair could be forced to retrace back to the downside. Provided that the price breaks below 132.29, the pair could decelerate down to 132.14 and 131.98.
Alternatively, in the scenario where the buyers keep exerting strong pressures and the pair breaks above 132.78, the price could escalate up to 133.38.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.