Forex: EUR/JPY fails again at 107; trailing downside stops coming into view - FXWW

FXstreet.com (San Francisco) - EUR/JPY consolidated last week’s gains with a negative bias between 107.00 and 106.00 for a second day Tuesday, managing to close the North American session down slightly by 15 pips to 106.30. Key resistance at 107.15 (June 29, 2010 low) helped to cap intraday rallies, as did the 100-week EMA (this week at 106.70). From Sean Lee, founder of FXWW: “EUR/JPY has failed twice now near 107.00 and there must be increasing danger that trailing downside stops start coming into view. There is hourly support now near 105.70 and I suspect that there could be plenty of stops below there.” Further advances may encounter resistance at 108.60 (50% Fibo, 123.31/94.10).

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