EUR/JPY Close To Resistance

EUR/JPY has been trading to the upside since the middle of the previous month as price advanced from 122.50 to today's high of 129.10. The bullish move came both due to the strengthening of the European currency as well as the weakness in the Japanese Yen.

Currently, price is resting at 128.66 as bulls are most likely gaining strength to push it up a notch to the resistance level at 130.00. This would be a good opportunity to go short the pair.

It is important to notice that lately the Euro has not been performing well against its peers and the chances of a last bullish wave to finish the move presents a major difficulty for market participants.

However, with today's FOMC Minutes we might just get what Euro bulls need.

Chart: EUR/JPY D1