FX.co ★ EUR/JPY Bearish Outlook , February 15, 2011 (Daily Strategy)

EUR/JPY

The strong resistance level at 114.00 forms the last line of defense that the pair may yet reach in a light momentum movement. Only a breach of the 114.00 resistance level will cancel the bearish prediction on the pair.

That said, a basis for a sell position depends of a break in the trend line formed from the January 10.The downwards movement is expected to carry the pair down to the lower support level of 110.30.