EURJPY Short Trade

EURJPY Daily

Price is backing off after touching previous highs. 

The area around 111.30 has holded on previous 2 occasions and can be a game change if it holds again. 



Today, on Monday thin markets, price went as high as 111.165 and backed off strongly. Looks like resistance is holding again. 

I went short at 110.55 for a quarter of trade size. I plan to add more only any bounces towards the resistance area. 

-----------------------------------------------------------------------------------------------------

EURJPY Daily

UPDATE 18DEC12 at 2:45GMT:
Resistance is holding up very well. 

Looks like price is consolidating near highs.