Nick Nasad
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EUR/JPY - Breakout From Resistance at 142.90, Upswing Next?

After the Christmas break for markets, currency markets have started to pick up a bit, after the slow trade in the first half of the week.

Let's look at the EUR/JPY:


The key here is that we pushed above the important resistance level of 142.90, which had been the top level of the recent range. This is a break-out signal, and we would get confirmation if we close above this level, or, and maybe even better, if the pair fell back down to the old resistance and used it as support.

I wrote about this pair heading higher last week, and still carry a bullish bias as I am generally quite bearish against the JPY and the EUR has been a decent performer over the last few weeks/months.