EURJPY Traders Are Stressed Between Uncertainty In Eurozone and Possible BoJ Intervention

EUR/JPY trading at 106.69 down 89  pips in a daily range of 106.54-107.98.  Resistance is at 108.50. Support is at 106.50. Modal point (most widely traded price of the day) is 107.50.

Euro sellout over the past couple hours been in response to the disappointments from the European Central Bank rate decision which its interest rate were unchanged ,and lack of the clear message to fix the sovereign debt crisis in Euro zone. Only accommodative money policy stance reminded markets that we are still in the middle of rough time. Also Traders can’t be  too aggressive to sell Yen as Japan is feeling pain and craving for some kind of action- Intervention.