EUR/JPY has moved out of its declining channel. Monitor the strong resistance at 131.41. Hourly supports can be found at 130.04 (16/07/2013 low) and 129.41 (15/07/2013 low, see also the low of the rising channel). • Monitor the horizontal range between 124.94 and 133.80. A failure to break the resistance at 131.41 could indicate a potential medium-term bearish head and shoulders formation. • In the longer-term, we favour a further rise towards the strong resistance at 139.22 (05/06/2009 high) as long as the support at 124.94 (16/04/2013 low) holds. We do not expect a break of this resistance in the coming months ... (full story)