EURJPY: All eyes on the 131 level!

We have seen stops triggered and some good buying this morning in EURJPY, however, as Jamie mentioned on Friday, all eyes are on the 131 level which has been strong resistance since late October 2008.

There is some US Dollar strength in the market at the moment, thus EURUSD under some pressure, however EURJPY holding in on the back of USDJPY popping thru 96.00.

For the bulls, caution needed at these levels. EURJPY has a great run up over since the beginning of Feb. I dont think EURJPY will give up the 131 level just yet.