FXstreet.com (London) - EUR/JPY is down just 7 pips at the time of writing. Despite initially trading to the downside, pair successfully rebounded from intraday lows of 132.98 to consolidate at current level.

Pair represents the battle between medium term weakening Yen and a long-term weakening Euro, which is still very much jittery in the face of the Eurozone strife over sovereign debt.

With pair currently trading at 133.47, seems to have hit resistance and beginning consolidation at current level. Pair is trading sideways in tight band between 133.40 and 133.60, 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 day low for support (132.98) and the opening price for resistance (133.70).