FXstreet.com (Barcelona) - The Euro is trading at high levels against the Yen, and, according to Nicole Elliot, senior technical analyst at Mizuho Corporate Bank, there are not sighs of topping at sight: If anything price action over the last five days is a small 'pennant' hinting at another serious upside test. We are very unsure as to our current outlook and therefore suggest one does as little as possible again today and we continue to watch for topping activity.

In regards to strategy, Elliot advices: Possibly attempt tiny shorts at 166.00; stop above 167.25. Short term target 165.50, then 165.00.