For nearly one week, the Euro oscillated in a clean channel of about 118 pips in range against the Japanese Yen. As indicated below, price action was confined to the yellow and upward sloping support/resistance levels. Towards the end of the previous trading week, however, EURJPY broke support only to catch foundation parallel to that of the previous support level. It now appears that the pair is oscillating in a more volatile channel, with the same resistance level that originally sealed it.
