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EUR/JPY : On the upper band of its bearish channel
Sentiment :

The pair EUR/JPY found resistance yesterday on the upper band of its medium term bearish channel (purple lines) and continues to move on 97.We still advise to trade only long positons as far as 96.50 is support. The breakout of 97.50 and 98 will both give a new buy signal.

Exit of the channel?
If the price validate the breakout of 97.50, the exit of the channel will be validated. The price could find resistance on 98 and then made a pullback on the upper band.

In case of return below 96.50, we will advise to wait the breakout of 96 to trade short positions.

Analysis published by Vincent, the 08/07/2012 at 09h30 GMT+2

Complete sheet of the pair EUR/JPY - Previous EUR/JPY Analysis
Chart of the pair EUR/JPY - Timeframe 1H
Chart of the pair EUR/JPY - Timeframe 4H
EUR/JPY Live Chart - Timeframe : 4h