NEW YORK, January 17 (FinanceEnquiry.com) - The following note tracks the movement of EUR/JPY on January 17, 2012 and focuses on the triggers affecting the currency.

On Monday, the EURJPY pair did not exhibit any major move, however today it made a higher correction in Asian session to reach the 97.75 level. In near term, the bias remains neutral, though the general outlook is on a downside.

The market expects a normal pullback on the upside but prefers to sell on rallies. The near resistance is around 98.00. If the prices break or close above this level, then it could trigger further bullish pullback testing at 99.00.

However, if it breaks above the 100.74, then it will seize the bearish intraday outlook. But for continued bearish scenario, a break and a daily close beneath 97.00 will initiate the testing for 96.00-95.00 levels.