Opening Asian session saw price rally towards 120 in quick succession, making the 100 pip climb from 119 seemingly effortless similarly to 118 – 119 which we saw last Friday. Some resistance could be seen along Channel Top but that could only serve to slow down the bullish momentum as evident when price hit Channel Top twice last Friday. Weekly chart shows price breaking from 116.0 and more importantly, the ceiling found back in May-Jun 2011. Price stopped around the bottom of the 119 – 123 trading range found in Apr ’11, with today’s advance looking to test 123 once more. Comparing EUR/JPY with GBP/JPY, both ... (full story)