By FXEmpire.com
The EUR/JPY pair rose ever so slightly during the session on Wednesday as the risk on appetite came back a bit. However, it currently looks as if the market is stuck in consolidation. The 99 handle looks as if it is support, as the hammer formed on Tuesday suggests as such. The 102 level above looks like a resistance area, and with the European Union summit going on over the next two sessions, this pair will be very headline driven over the next 48 hours. Because of this, we are waiting for a breakout above the 102 level, or a breakdown below the 99 handle.
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Originally posted here
