FXstreet.com (Córdoba) - The Yen is testing important levels against European currencies after rising sharply during the Asian and European session. The Japanese currency is stronger across the board.

GBP/JPY fell after the release of GDP figures in the U.S. to 146.20 posting the lowest price in 5 weeks. Between 146.25 and 146.00 the pair has a congestion zone. If it falls below the Yen could gain momentum since it will be breaking an important support. To the downside next support levels lie at 144.50 (Sept 30 high) and below at 143.90/144.00 (Oct 5 and 14 high) and 143.20 (Oct 12 high).

EUR/JPY trades a few pips above a key dynamic support which is an uptrend line. Currently the support lies between 131.70 and 132.00 and the pair trades at 132.50/55. The next support levels could be located at 130.60 and below at 130.00 and 129.00 (Oct 2 low). To the upside resistance lies at 133.00 and at 133.80.

Ian Coleman, technical analyst at Turtle Futures comments: We broke an ascending wedge overnight and have moved lower. EURJPY has refused the daily triangle trend line again (currently at 132.10). He sees the pair going higher at this level but he affirms: The move down can be counted in 5 waves, the potential move higher may just be a correction.