The EURJPY has seen up-and-down price action this week, but the most recent move has been to the upside and in doing so, has the pair retesting a key swing area ceiling between 157.90 and 158.046.
Should the price move above that level it would take the pair to the highest level going all the way back to 2008 and open the door for further upside potential.
Conversely, if the sellers can successfully lean against the level once again as it did in June, July, and now in August, that would once again disappoint the buyers looking for a break, and turn those buyers back to sellers.
This article was written by Greg Michalowski at www.forexlive.com. Source