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FXstreet.com (Barcelona) - EUR/JPY is currently around yesterday's lows levels and weekly starting price last at 119.13, bouncing from the recent weekly low at 118.55 that followed Japan FinMin Amari words suggesting the Yen might be already at fair value according to Japan fundamentals, the politician said. The cross was trading around weekly highs at 119.99 by the time of the announcement, while Tokio markets were closed for lunch break, after a 3-day weekend in Japan, and Nikkei index hitting a 32-month high.

"Rejection from the 120.00 level threatens a bear engulfing candle" in formation for the daily chart, FXMarketAlerts Team say, suggesting that a break below recent lows "will trigger stronger pullback to 117.63 and 117.00. Lower see scope to the 116.00 level," the team concludes. A close below yesterday's lows at 118.88, last at 118.93, might print a double top reversal pattern in the 1H chart.

The FXMarketAlerts Team finds supports at: 118.85/60 (intraday level), 117.63 (11 Jan low) and 117 (figure). To the upside, resistances at: 120.13 (14 Jan high), 120.59 (3 May 2011 high), and 120.83 (4 May 2011 high).

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