![\"eur](\"http:\/\/www.forexabode.com\/images\/stories\/technical_analysis\/long_term\/eur_jpy.gif\" "\\"eur")
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For the next week we are in favor of some more downward consolidation but for that a decisive break below 108.48\/108.40 is required, as mentioned above. Such a break should bring further downward move first towards 107.50 and then possibly towards 106.50\/106.65. This would represent the supports of 55-day EMA as well as the upper edge of daily Ichimoku cloud. Even if EUR\/JPY breaks below this resistance zone, we would expect very strong support near 105.63 (March 7th).<\/p>\n
Please note that we will be taking any downward moves as consolidation and not as bearish trend till any strong break below the psychological 105.00 level takes place.<\/p>\n
On the upside a break over first the recent 111.43 and then 111.62 (end of October 2011 resistance) is required for further upward moves towards 114.20 or more.<\/p>\n
Please note that EUR\/JPY has started showing the early signs of trend reversal for upside but a better indication of the same will only come with a decisive break over 111.60 and then 112.00 and when 110.00 becomes a support level instead of resistance.<\/p>\n
Further Readings:<\/p>\n
1) EUR\/JPY forecast<\/a> for weekly overview of the currency pair.<\/p>\n 2) Daily technical analysis of EUR\/JPY<\/a>.<\/p>\n