Technical analysts at Barclays Capital note that there’s a strong resistance for the pair EUR/JPY in the 113.00 area. In their view, tomorrow this zone will likely act as a stumbling block for the single currency.

There are chances of course that euro will be able to rise to 114.00 trading versus Japanese yen, but generally the outlook is bearish and the rate will more likely drop to the 108.25/00 area.

According to Barclays, all moves of the rate between 105.00 and 115.00 seem to be nothing more than fluctuations within an 8-month range, so more distinct trend will appear only after EUR/JPY breaks through either side of this region.



Chart. Daily EUR/JPY

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