By Mohammed Isah of fxtechstrategy.com

NEW YORK (

TheStreet

) -- The euro-yen (EUR-JPY) has been trapped between the 115.67 and 111.54 levels since October, when the cross currency pair tested the former level and collapsed.

A second attempt at the upside was halted at 115.61 earlier this month, and then the pair began to trade in a range.

But we believe the pair is likely to retarget 115.67 and break out of its recent range.

With the pair's near-term run from 105.41 still intact, euro-yen is likely to resume moving upward and could target its long-term falling trend line, which is currently at 116.27.

The cross currency pair should face stiff resistance at that level and possibly turn lower, but if it doesn't, further strength could build toward 119.63, the Feb. 25 high.

The pair's weekly relative strength index, or RSI, is bullish and pointing higher, supporting this view.

Alternatively, the pair will have to violate the 111.54 level in order to annul its current range-bound tone with a move to the downside. If that happened, the pair could test 109.54. A reversal of roles is expected at that level, which would likely turn the euro-yen pair back up again.

--Written by Mohammed Isah.

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Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces

The Professional Suite

for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.