EURJPY is testing the 125w ema after a large spike.
In 1998 and 2008, this has led to a large correction.
EUR is depreciating across the board against all currencies due to the QE implementation and EURUSD is most probably heading lower overall.
The question is now on USDJPY, the outcome is unclear but clearly 122 is a very important resistance. Could JPY be about to resume its strength on the bigger picture.
USDJPY Breaking 122/124 means breaking away from the 25year bear market. This is not trivial.
If USDJPY does not break away from the 25 year bear market, the EURJPY short could be a hell of a great trade.
