FXstreet.com (Barcelona) - The Euro has broken through long-term resistance at 131.05 against the Yen, and trades at the highest levels since October 21, advancing towards 10 October low at 132.16.

On the upside, above 132.16, next resistance level comes at 133.22; (Oct 16 low) and above here, 134.10 (Oct 8 low) before 134.55 (50% Fibonacci retracement of the Sept - Jan decline)

According to the Swiss UBS Bank, the Euro could reach 148.00 Yen in its upside move: At the same time we open a long EUR versus short JPY position at current level (128.50) with a target at 148 and a stop-loss at 123. We now have more confidence in EUR than in GBP.