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FXstreet.com (Barcelona) - With Tankan data for Japan just released, more or less in line with expected, and as some analyst points out confirming the country is in a recession, and current negotiations on the "fiscal cliff" between US President Obama and Speaker John A. Boehner recently finished after an hour of talks, without any conclusive result, New York Times reports, EUR/JPY trades stagnated at 109.38, near highs, mostly due to EUR/USD trapped inside a 7 pip range for the last 5 hours.

Yesterday, EUR/JPY dipped to Thursday's lows at 108.64 on Yen strength during early London session, just to reverse course and test again previous highs around 109.50/40. According to FXWW founder Sean Lee, the cross "will run into heavy sell orders between 110/111," as today is last day before general elections in Japan this Sunday.

Immediate resistance to the upside for EUR/JPY shows at Thursday's London open 8-month highs at 109.52, followed by Feb 27 highs at 110.02, and March 21 highs at 11.34. To the downside, closest support lies at Wednesday's highs 109.03, followed by yesterday's lows at 108.62, and Dec 05/06 highs at 107.89/95.

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