The EUR/JPY has already broken Monday's high after the BOJ eased its monetary policy and doubled asset purchases in today's press conference. As a result the JPY has weakened across all currencies and produced a bullish engulfing candle on the EUR/JPY 4 hour chart. The pair has paused at the 103.450 level which is a consolidation area for the pair from May of this year and is acting as resistance but the pair is looking quite strong and I suspect it will make quick work of this resistance and move on the stronger levels above such as the Weekly R1 at 104.120 or the Monthly R3 at 104.445. These 2 zones being so close together form a strong resistance level, a zone where price has paused or reversed many times in the past 2 years and will probably find challenging again. A break above 105.500 could indicate a further run up, possibly to around 107.60 where the pair has also found strong support/resistance and triggered reversals on both sides. Intraday traders will need to be mindful of the Daily R2 and DR3 at 103.676 + 104.097 which is very close to the Weekly R1. Support can be seen at 103.236, 102.814 & 102.374.
Happy Trading!