Forex: EUR/JPY range trading, -3 pips

 @ibtimes
on January 12 2010 10:45 PM

FXstreet.com (London) - EUR/JPY is down just 3 pips at the time of writing. Despite initially trading to the upside, pair receded from intraday highs of 132.26 to consolidate at current level.

Pair represents the battle between medium term weakening Yen and a long-term weakening Euro. Euro was boosted slightly in recent trade by comments from the Greek leader.

With pair currently trading at 131.86, seems to have hit resistance and beginning consolidation at current level. Pair is trading sideways in tight band between 131.55 and 132.00, having tested both sides of the range unsuccessfully several times this session. As such we see both these levels as primary support and resistance with secondary barrier as the 5 Jan low for support (131.25).

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