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FXstreet.com (Barcelona) - After falling to its lowest level in over 9 years at 105.41, the Euro has spiked up in two occasions threatening 109.50, although the response from bears was to deny further upside scope thus far.

The last attempt to break higher, four days ago, saw the price retreat significantly to land at 105.80 in yesterday's session, 2-week low, yet the pair was able to pick up above 106.50 before NY close. In Asia, the pair has edged over 20 pips higher, targeting 107.00.

According to Jamie Saettele at DailyFX: "EURJPY may have found an important low at 10540. The 5 wave pattern is visible from the October 2009 high. Expectations are for a correction higher (which could be sharp) to at least 11500 and perhaps close to 12000 over the next 4 to 6 weeks".

He also said "Near term, price has broken higher from a small triangle (terminal pattern) so there is the possibility of a move back to 10740 before strength resumes. Below 10540 would clearly negate this outlook and shift focus to 100 (which is also the June 2001 low)."

In another interesting note, Sean Lee from Forex Live said: "the interbank market is bullish on EUR/JPY for today at least and no-one wants to be short. The pair has moved 20 pips higher already in pre-Tokyo trade and if the Japanese market opens with the same mood, then we may be in for some more gains"

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