FXstreet.com (London) - EUR/JPY has traded to the downside in Asian trade today. Price action on the pair represents the warring between negative sentiment around sovereign debt in Europe and downside Yen movement. Yen has traded softer across the board in recent sessions as BoJ have reiterated that they 'will not stand' for continued strengthening of the Japanese currency.
The pair currently trades at 130.69, 19 points down from the open. First support comes at 130.45 (previous session Low), followed by 130.04 (strong consolidation zone 21 Dec). For resistance in case of a reversal to the upside 131.07 is our primary resistance (Dec 22 High), followed by 131.25.