The EUR/JPY is trading in a box-formation with a breakout move on the horizon. It has just rallied off the lows and gone back up into the range. A break above 101.10/20 would be a strong sign of a move higher targeting 102.25 initially and then potentially the H&S neckline at 103.25. A break below 98.65 on the other hand would target 97.90 first and then possibly 96.95 eventually.

Analysis prepared by:

Joaquin Monfort
Forex4you analyst