EUR/JPY
Generally speaking, the pair is actually moving aside. However, during the Monday’s session, it stationed around the daily support of 108.46. The bullish engulfing template the pair created suggests a reversing trend for the short term. Given this data, the future trend would be upward oriented, opening an opportunity to go “Long”.
Daily graph: http://www.real-forex.com/charts-daily/DEC2010/EUR_JPY_DAILY_281210.JPG
However, this intuition requires a confirmation that may appear on the 1H scaled graph trough the identification of an increasing configuration.
Potential trade 
1H graph: http://www.real-forex.com/charts-daily/DEC2010/EUR_JPY_1H_281210.JPG
At the moment the pair will cross the 1H resistance of 109.07, the required configuration should appear, indicating the time to order a potential transaction.
– “Limit” order on “Long” position 5 pips above the mentioned resistance, meaning: 109.12
– “Stop Loss” order on the last low appeared: 108.79
– 1st degree of “Take Profit” on the following resistance: 109.62
USD/JPY 
Daily graph: http://www.real-forex.com/charts-daily/DEC2010/JPY_DAILY_281210.JPG
As it is standing for the EUR/JPY, the pair is currently moving aside. In order to analyze and detect the actual trend, the RSI indicator, whose purpose is to analyze the strength of the prices, may help to achieve the above goal (actual trending).
According to RSI indications, although the actual graph is moving aside, the “real” trending of the pair is downward oriented. The RSI is preventing a future trend which, in our case, would be a downtrend, suggesting a opportunity to go “Short”. Anyway, the identification of a decreasing configuration on a 1H graph is required to confirm the trend.
In the view of this indicator, the future support the pair should reach would be at 82.03.
Have a profitable week!
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Real-Forex team 