EUR/JPY had been stranded in a narrow 133.81/133.52 range for the second consecutive session. The upper boundary was set by the prevailing channel down, while support was provided by the 55-hour SMA.

This calm movement changed mid-session when the Euro breached the 133.60 mark and fell down to the 200-hour SMA and the weekly PP at 133.30. Given that this area is also reinforced by the 100-hour SMA, bears might be reluctant to push the rate lower.

Technical indicators point to a possible increase in price during the following 24 hours. The nearest resistance is the upper channel boundary circa 133.75, while the 134.40 mark is regarded as a more probable upside target.